Ondo InsurTech has pulled in a further £1.2 million in new funding from a nearly fully subscribed open offer that accompanied a recent £3 million placing.
Around 96% of the open offer was subscribed for and making a net £3.7 million (net of expenses) raised by the 'leakbot' household water leak detection developer through the placing and open offer.
Craig Foster, chief executive, thanked shareholders for their “tremendous” support adding the money would help it with its US insurance customers such as Nationwide and Selective and maintain growth plans in the UK and Scandinavia.