Proactive Investors - Ondo InsurTech PLC (LON:ONDO) has raised £1.08 million via a placing completed yesterday after market close.
The placing, where proceeds are estimated to be roughly £1 million, was priced at 20.5p per share, versus the closing price on the day of 21p.
Ondo, which provides its LeakBot solution to protect homes from the impact of water damage, said it plans to use the proceeds for further working capital to go after existing contracted opportunities.
In particular, it said it will accelerate IS27001 accreditation to support its existing rollout plans under its recent contract win with Nationwide Mutual, a Fortune 100 insurer in the US, and further rollouts in North America, the UK and Nordics.
Chief executive Craig Foster said: "This is an exciting time for the business. Given the recent contractual wins with Länsförsäkringar and Nationwide Mutual Insurance Company, the business is poised for a period of significant growth. The proceeds of this placing will aid in this growth."