Ondo InsurTech hails strong customer growth, strikes pilot contract
Ondo InsurTech PLC on Friday said it expects to report higher revenue for the 2025 financial year as its number of registered customers grew.
The London-based claim prevention technology firm for home insurers said revenue for the 12 months to the end of March was not less than £3.8 million, up 40% from £2.7 million in the 2024 financial year.
The number of registered customers has increased by 59% to 151,000 at the end of March from 95,468 customers a year ago.
The company said its annualised contracted recurring revenue of £5.8 million has been boosted by a deal with the Hanover Insurance Group Inc.
Ondo said on Friday that Hanover Insurance has signed a pilot contract with LeakBot USA Inc.
Ondo’s LeakBot connects to a home’s wireless network and alerts the homeowner via an app if a water leak is detected, offering access to engineers to fix the issue.
Hanover will pilot the LeakBot device and service to some of their homeowners’ insurance customers in two US states.
Ondo InsurTech said its target of positive earnings before interest, tax, depreciation and amortisation on a run rate basis remains on track to be delivered by financial 2026.
It said the number of registered customers has multiplied to 34,000 in the US, with the country accounting for 47% of overall customer growth.
Chief Executive Officer Craig Foster said: ‘LeakBot is proven to save insurers’ claims costs totalling many times the cost of deployment. Despite slower-than-expected contract momentum, we have exceeded our expectations in securing new insurer partnerships over the past twelve months.
‘In the US, we are now contracted with 7 insurers including 3 of the Top twenty US home insurance companies, giving us access to 5.8 million households across 23 states. Looking ahead, our focus is on scaling existing partnerships, accelerating US adoption, and increasing production to meet growing demand.’
Shares in Ondo InsurTech were down 8.9% to 31.87 pence in London on Friday morning.
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