Insurtech Lemonade Raises $120 Million in Round led by SoftBank
Prominent Insurtech firm Lemonade is having a pleasant Holiday season following the announcement they have raised $120 million to fuel platform growth. The funding round was led by SoftBank, a group that has been highly active in the Fintech sector. Valuation was rumored to be over $500 million. Lemonade last raised funding a year ago with a $34 million Series B led by General Catalyst and included the participation of GV (aka Google Ventures), Tusk Ventures and Thrive Capital.
Bloomberg quoted Lemonade co-founder and CEO Daniel Schreiber stating;
“Growth has been in excess of our expectations since our last round. We’ll end this year around 90,000 customers, and our target for the year was 13,000.”
Lemonade is a company that seeks to provide a mobile platform for purchasing home owners and renters insurance. The company prides itself on ease of use and user experience. Renters insurance starts at just $5 per month and home owners begins at $25. In November, Lemonade reported it had sold 70,000 policies to date. Lemonade is currently expanding its offering across the US as it receives state licenses to offer insurance.