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Sep 2019

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Lemonade gets $300m infusion in Series D funding

Source: Asia Insurance Review | May 2019

Lemonade, the AI-driven insurance platform based in New York, has raised $300m in a Series D funding round led by SoftBank Group. The company is currently valued at a reported $2bn.
 
The company has now raised a total of $480m throughout its lifetime. Previously, it raised $120m in a Series C in late 2017, with the company valued at $620m. SoftBank was also lead in that round.
 
This latest financing also included participation from Germany’s Allianz, General Catalyst, GV (formerly known as Google Ventures), Israel-based OurCrowd and Thrive Capital. 
 
Lemonade said it plans to use the new capital to accelerate its US and European expansion, as well as to explore new product lines. The company first announced plans to move into Europe – its first major market outside the US – last November.
 
Lemonade is licensed as a property and casualty insurance carrier and began offering homeowners and renters’ insurance in New York in late 2016. That offering is now available for most of the US population. The company says it powers its offerings with AI and ‘behavioural economics’. 
 
Lemonade also claims it has built a system that “collects 100x more data than traditional carriers,” giving it the ability to generate predictive data that can help improve underwriting and pricing. It operates contrary to traditional insurance models, charging a fixed percentage as a flat fee. A 
 
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