UK InsurTech Ondo lists in London

UK InsurTech Ondo, previously known as LeakBot, has listed on the London Stock Exchange (LSE).

The firm’s device clips to the internal mains water supply pipe inside a domestic house, which can detect leaks on mains water plumbing systems and update the homeowner on their smartphone.

The listing came via an acquisition by special purpose acquisition company (SPAC) Spinnaker Acquisitions.

The deal raised £3.4 million via fundraising at 12p per share and the new company will have a market capitalisation of approximately £8.2 million.

The firm said it will use the investment for partner development, onboarding and delivery, and IT systems enhancement.

Ondo, which was formerly a wholly owned subsidiary of HomeServe, said its partners include Hiscox, Direct Line and TopDanmark and that it supplies upwards of 39,000 devices to insurers.

UK InsurTech firms have attracted significant levels of investment over the past year.

In November 2021, British insurance start-up Nimbla secured a £5.1 million investment from Silicon Valley venture fund Fin VC, with participation from Barclays Bank.

“We have reached the milestone of trading as an independent public company at a time when sustainability, business and consumer financial pressures have never been greater,” said Craig Foster, chief executive at Ondo. “We have always worked with one mission in mind – to help drive sustainable risk reduction – and are excited to now scale our existing solution while working with our home insurance industry partners to continue to drive risk reduction through innovations in InsurTech.”

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