The placement, priced at 20.5p per share, with a closing market price of 21p on the same day, yielded an estimated £1 million in proceeds. 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. 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.

Chief executive Craig Foster said: “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.”