Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster talked with Proactive about the company’s milestones in 2024 and its plans for 2025. Foster highlighted the company's successful US expansion, driven by its LeakBot strategy, which has seen deployments with major insurers, including Nationwide. Revenue grew by 42% in the first half to £1.70 million, signalling the company’s inflection point in the US market.
Foster explained how partnerships have enabled the company to expand rapidly across 16 states, with other insurers like Indiana Farm Bureau joining as partners. He also discussed the NFU deal in the UK and the significant growth in Denmark, doubling the addressable market. Foster assured investors that Ondo's negative working capital model ensures sustainable growth without additional funding requirements.
"We've structured deals so customers finance our growth," Foster said, emphasising a strategic approach to managing working capital and achieving EBITDA-positive trading by the second half of 2025.
With more deals in the pipeline, Foster called 2025 an "exciting year" focused on expanding core markets in Denmark, Sweden, the UK, and the US.