SoftBank-backed insurance startup Lemonade files for US IPO

Credit: Flickr/Pictures of Money

Tech-driven insurance startup Lemonade Inc filed for its U.S. initial public offering (IPO) on Monday, looking to take advantage of a recent recovery in the market after the coronavirus crisis slammed the brakes on new listings.

Lemonade, which started in New York in late 2016, is part of a growing number of young companies looking to shake up the insurance sector through better use of technology.

It offers insurance in 28 U.S. states and markets itself as a company that gives any money left after paying claims to charities chosen by its customers.

The company says it has digitized the entire insurance process, replacing brokers and paperwork with algorithms and providing policies in as little as 90 seconds and payment of claims in three minutes.

Last year, it raised $300 million in a funding round led by Japan’s SoftBank Group Corp, which also included insurer Allianz SE, Alphabet Inc’s venture capital arm GV, General Catalyst, OurCrowd and Thrive Capital.

Lemonade’s IPO comes just weeks after insurance policy comparison website SelectQuote Inc raised $360 million in its offering and had a strong debut, with its shares jumping over 40% in their market debut.

The company intends to list its shares on the New York Stock Exchange under the symbol “LMND”, it said in a filing with the U.S. Securities and Exchange Commission.

Goldman Sachs, Morgan Stanley and Barclays are among the underwriters on the IPO.

Reuters

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.