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Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster speaks to Thomas Warner from Proactive after the claims prevention technology company announced it has raised 1.08 million via a placing completed yesterday after market close. Foster details the company's successful capital raise and strategic plans for expansion, particularly in the United States.
This fundraising follows the signing of a breakthrough contract with Nationwide, a Fortune 100 U.S. insurance company, for Ondo's LeakBot solution as part of Nationwide's smart home program. Foster describes this deal as a significant vote of confidence from a major U.S. insurer. The capital raised this week will primarily support execution of this U.S. contract and a similar rollout deal with Sweden's largest insurance company.
These deals represent a substantial scale-up, involving larger customer cohorts and more significant insurance firms than Ondo's previous contracts. The funds will also bolster the sales pipeline and leverage current business momentum. Foster emphasises Ondo's focus on addressing the global issue of water damage claims and environmental problems caused by household leaks.
Ondo's patented, unique solution has garnered significant interest in the insurance industry and from water companies, driven by its environmental benefits. Heading into the new year, Foster's primary goal is to accelerate deal signings and market introductions, capitalising on the company's current momentum.
Contact Details
Proactive UK Ltd
+44 20 7989 0813
View source version on newsdirect.com: https://newsdirect.com/news/ondo-insurtech-raises-ps1-08mln-to-support-expansion-plans-987855499
Ondo InsurTech PLC
COMTEX_444494899/2655/2023-12-05T12:09:36
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