Ondo becomes UK’s first insurtech to announce IPO
The UK insurtech Ondo InsurTech PLC has become the first UK insurtech to announce its IPO. The company, which recently rebranded from its former identity as LeakBot, specialises in a patented domestic water security system that registers leaks before they become serious, therefore averting expensive insurance damage claims.
The news was announced by Spinnaker Acquisitions Plc, the particular purpose acquisition company that completed the acquisition of LeakBot, formerly a wholly-owned subsidiary of HomeServe PLC.
Currently, Ondo is partnered with nine blue-chip insurers including Hiscox, Direct Line, and TopDanmark across the UK, Ireland, US, and Scandinavia with upwards of 39,000 devices supplied to insurers. It has raised £3.4mn through fundraising at 12p per share and will have a market capitalisation (at the issue price) of approximately £8.2mn.
The company, which was launched in 2016, plans to use the investment for partner development, onboarding and delivery, and IT systems enhancement.
Ondo and smart home IoT insurtech device that prevents water damage
According to the Association of British Insurers, water damage is now the biggest driver of home insurance claims in the UK, often causing huge disruption and damage for customers who may spot them too late.
LeakBot’s end-to-end claims mitigation system is specifically designed to monitor leaks in the home and provide a ‘find and fix’ service once a device has alerted to the presence of a leak. The solution also prevents the excessive wastage of both water and building materials caused by unforeseen and often costly damage from hidden leaks.
The award-winning device clips to the internal mains water supply pipe inside a domestic house, detecting leaks anywhere on the mains water plumbing system and updating the homeowner in real-time on their smartphone.
The technology is provided free of charge to householders by home insurance providers – with a strong customer advocacy score of 4.8 on Trustpilot – or can be purchased directly from the LeakBot website.
A milestone for UK insurtech Ondo as it launches IPO
Speaking about the Initial Public Offering, Craig Foster, CEO of Ondo, said “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.
He added, “We have always worked with one mission in mind – to help drive sustainable risk reduction – and are excited to now scaling our existing solution while working with our home insurance industry partners to continue to drive risk reduction through innovations in InsurTech.”
