Fintech insurer and insurance tech (insurtech) firm Lemonade yesterday raised a fresh funding injection worth USD 300 million in a deal led by SoftBank Group. Although the company did not reveal its valuation, sources said to Forbes that this fresh investment now means that this Washington-based unicorn is now worth more than USD 2 billion.
Having previously raised in December 2017, a year after it launched, this latest round sees it flush with USD 480 million in investment, with backers this round including Allianz, General Catalyst, GV, OurCrowd and Thrive Capital.
Lemonade provides insurance to renters and homeowners and its success has seen it getting mentions in last year’s list of 2018 Next Billion-Dollar Startups. Renters are able to purchase insurance as cheaply as USD 5 while homeowners could buy protection from as low as USD 25.
With a platform on mobile and and web, the company has been looking into an expansion into other US states as well as across the pond to Europe. With offices in New York and Tel Aviv, CEO Daniel Schreiber said that a European headquarters was already set up in Amsterdam. He said:
“We’re not looking to create a small technology vendor or something else in this space. We are looking to create a dominant and technologically enabled insurance company on a global basis.”
Lemonade’s name in insurtech was made on its unique business model of using AI to issue policies and pay claims in minutes, eliminating conflict of interest between insurer and insured. It boasts some 300,000 customers and did USD 57 million in sales last year.
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