Edwin Coe advises on insurance tech company fundraising

Edwin Coe is delighted to announce that it has advised Dowgate Capital Limited as sole broker in an accelerated bookbuild fundraising for Ondo InsurTech Plc. The fundraising delivered £1.08 million through the issue of 5,268,293 new ordinary shares in the capital of the company to investors, at a placing price of 20.5 pence per Placing Share. The proceeds of the placing will provide further working capital to pursue existing growth opportunities, in particular to accelerate an IS27001 accreditation technology project which will support further rollouts of its technology, partnering with insurance companies in the USA, UK and the Nordics.

London-based Ondo InsurTech Plc is a world leading provider of claims prevention technology for home insurers. Ondo’s focus is currently on ‘LeakBot’, which is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via a mobile app which in turn provides access to a team of expert engineers to ‘find and fix’ the problem.  Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims for insurers by 70%.

Ondo is one of the first InsurTech companies trading on the London Stock Exchange holding the coveted London Stock Exchange Green Economy Mark awarded to companies who derive the majority of their income from Green activities.

Edwin Coe’s team was led by Daniel Bellau who commented, “It was a pleasure to work with the team at Dowgate Capital on this successful fundraising. I’d like to congratulate Ondo and wish them success in developing growth plans for their innovative technology.”

You can read Ondo InsurTech’s news release on their website.