SPAQ - Ondo InsurTech raises £1.08mln to support expansion plans
(NewsDirect)
Ondo InsurTech PLC (LSE:ONDO) CEO CraigFoster speaks to Thomas Warner from Proactive after the claimsprevention technology company announced it has raised £1.08 millionvia a placing completed yesterday after market close. Foster detailsthe company's successful capital raise and strategic plans forexpansion, particularly in the United States.
This fundraising follows the signing of abreakthrough contract with Nationwide, a Fortune 100 U.S. insurancecompany, for Ondo's LeakBot solution as part of Nationwide'ssmart home program. Foster describes this deal as a significant voteof confidence from a major U.S. insurer. The capital raised this weekwill primarily support execution of this U.S. contract and a similarrollout deal with Sweden's largest insurance company.
These deals represent a substantialscale-up, involving larger customer cohorts and more significantinsurance firms than Ondo's previous contracts. The funds willalso bolster the sales pipeline and leverage current businessmomentum. Foster emphasises Ondo's focus on addressing the globalissue of water damage claims and environmental problems caused byhousehold leaks.
Ondo's patented, unique solution hasgarnered significant interest in the insurance industry and from watercompanies, driven by its environmental benefits. Heading into the newyear, Foster's primary goal is to accelerate deal signings andmarket introductions, capitalising on the company's currentmomentum.
Contact Details
Proactive UKLtd
+44 20 7989 0813
Copyright (c) 2023 TheNewswire - All rights reserved.