Edwin Coe advises on second ‘LeakBot’ tech company fundraising

Edwin Coe is delighted to announce that it has again advised Dowgate Capital Limited as sole broker in an accelerated bookbuild fundraising for Ondo InsurTech Plc. The placing raised approximately £3 million from new and existing institutional investors, along with an Open Offer to qualifying shareholders raising £1.2 million. The proceeds from the placing will be used primarily to establish an administration and service support centre in the US; building and expanding operations across the US through direct staff and dedicated service partnerships to support LeakBot rollouts; and providing working capital to finance growth in rollouts in line with existing US and European agreements.

London-based Ondo InsurTech Plc is a world leading provider of claims prevention technology for home insurers and has been awarded London Stock Exchange’s Green Economy Mark for companies who derive the majority of their income from Green activities. Ondo’s focus is currently on ‘LeakBot’, which is a British-made, patented Internet of Things solution that connects to the home wireless network and, if it detects a leak, notifies the customer via a mobile app. When a leak is detected, an approved expert plumber is sent to find and fix it. According to recent research by Consumer Intelligence, LeakBot could reduce the cost of water damage claims for insurers by 70%.

Daniel Bellau, leading Edwin Coe’s team, expressed his satisfaction with the successful fundraising, stating, “It was a privilege acting for Dowgate Capital once again to facilitate another milestone fundraising for Ondo. The strong support from both existing and new investors underscores the market’s confidence in Ondo’s vision and technological prowess despite difficult macro-economic conditions.”

You can read Ondo InsurTech’s news release here.