UK-based Insurtech Ondo has successfully raised $1.3 mn through a placement completed after the close of the market.
The placement, priced at 20.5p per share, with a closing market price of 21p on the same day, yielded an estimated £1 mn in proceeds.
The move follows Ondo’s listing on the London Stock Exchange in March 2022, as part of the company’s strategy to be the leading provider of claims prevention technology for home insurers through the deployment of LeakBot.
Ondo, renowned for its LeakBot solution designed to safeguard homes against water damage, announced its strategic plans for using the funds. The company aims to bolster its working capital to pursue existing contracted opportunities.
Specifically, Ondo intends to expedite its IS27001 accreditation, a crucial step in supporting its ongoing rollout initiatives. This initiative aligns with the recently secured contract with Nationwide Mutual, a Fortune 100 insurer based in the United States.
This is an exciting time for the business. Given the recent contractual wins with Länsförsäkringar and Nationwide Mutual Insurance Company, the business is poised for a period of significant growth. The proceeds of this placing will aid in this growth.Craig Foster, Chief executive at Ondo
The additional funding will further facilitate expansion efforts in North America, the UK, and the Nordics.
The successful funding round positions Ondo InsurTech for an accelerated trajectory in deploying its innovative technology solutions and solidifies its commitment to enhancing home protection against water-related risks.
by Peter Sonner