Ondo set to be first InsurTech company to IPO after completing acquisition of LeakBot

Spinnaker Acquisitions Plc, the special purpose acquisition company, recently completed the acquisition of LeakBot, a B2B Insurtech business and formerly a wholly-owned subsidiary of HomeServe PLC. LeakBot is a patented water security system that helps prevent water leaks from turning into insurance claims. The business will be renamed Ondo InsurTech Plc and becomes the first InsurTech to go public in the UK.

Ondo currently partners with nine blue-chip insurers including Hiscox, Direct Line and TopDanmark across the UK, Ireland, US and Scandinavia with upwards of 39,000 devices supplied to insurers. It has raised £3.4 million through fundraising at 12p per share, and will have a market capitalisation (at the issue price) of approximately £8.2 million.

The company plans to use the investment for partner development, onboarding and delivery and IT systems enhancement.

According to the Association of British Insurers, water damage is now the biggest driver of home insurance claims in the UK, often causing huge disruption and damage for customers who may spot them too late. LeakBot is an end-to-end claims mitigation system, specifically designed to monitor for escape of water in the home and provide a ‘find and fix’ service once a device has alerted to the presence of a leak. The solution also prevents the excessive wastage of both water and building materials caused by unforeseen and often costly damage from hidden leaks.

The award-winning device clips to the internal mains water supply pipe inside a domestic house, detecting leaks anywhere on the mains water plumbing system and updating the homeowner in real-time on their smartphone.

Craig Foster, CEO of Ondo, says: “We have reached the milestone of trading as an independent public company at a time when sustainability, business and consumer financial pressures have never been greater. We have always worked with one mission in mind – to help drive sustainable risk reduction – and are excited to now scale our existing solution while working with our home insurance industry partners to continue to drive risk reduction through innovations in InsurTech.”