SPAC snaps up Ondo to make it first public ‘insurtech’ firm in London
Ondo has become the first ‘insurtech’ firm to go public in the capital today, as listed acquisition vehicle Spinnaker Acquisitions snaps up the firm and brings it onto the London Stock Exchange.
Ondo, which creates a water security system to detect leaks, has partnered with firms including Hiscox and Direct Line in the UK to help customers to detect leaks as they happen.
The floatation has raised £3.4m at 12p per share for Ondo, bosses said, and will see it also change its name from Leakbot.
Ondo boss Craig Foster told City PM the move marked a milestone for the firm.
“We are delighted to have reached this milestone of admission to trading as an independent public company.
The whole Ondo team is looking forward to the challenge and significant opportunity ahead of us”.
Chairman Mark Wood has helped steer the firm on to the markets after he helped take pensions fintech PensionBee public last year at a valuation of £375m.
Foster told City PM the firm was now eyeing up a rapid expansion in the US where demand was growing for insurtech products.
Water leaks account for 30 per cent of home insurance claims – equivalent to $17bn a year across the UK and USA.