Lemonade announces IPO
Source: Asia Insurance Review | Jul 2019
New York-based InsurTech Lemonade is going public at an approximate $2bn valuation. Lemonade last raised capital in April with a $300m round led by Softbank and may seek up to $500m in the initial public offering (IPO) to fuel its global expansion plans. Crowdfunding platform OurCrowd is also a shareholder in the InsurTech.
Presently, Lemonade offers homeowners and rental insurance in New York, California, Illinois, New Jersey, Nevada, Georgia, Pennsylvania, Maryland, Arizona, Michigan, Connecticut, Indiana, Ohio, Wisconsin, Oregon, Texas, Tennessee, Virginia, Iowa, Colorado and the District of Columbia. Renters and condo insurance in Rhode Island; and renters’ insurance in New Mexico and Arkansas (homeowners and condominiums coming soon). The year 2019 has seen it add three new states to the list, including Colorado.
Late 2018 saw the InsurTech announce that it was crossing the Atlantic to offer insurance in Europe, although date has been set for launch.
At the end of 2018, Lemonade reported a little over $50m in sales – more than five times the corresponding figure from the previous year – insuring around 425,000 homes, with a coverage value of about $50bn. A