Ondo, Formerly LeakBot, Becomes UK's First Insurtech IPO

Ondo, formerly known as LeakBot, has become the first insurtech company to list on the UK public market

The company achieved this through a reverse merger with SPAC Spinnaker Acquisitions Plc

Ondo raised £3.4 million from investors, valuing shares at 12p per share

The funds will be used for partner development, onboarding, and enhancing delivery and IT systems

Ondo specializes in providing a patented device that monitors potential water leaks in homes, offering a 'find and fix' solution to reduce escape-of-water claims for insurers.