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Insurance start-up gets $120 million backing from Japanese firm

Posted: December 20, 2017

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Lemonade, a technology-based company that launched last year as an insurance carrier to sell homeowners and renters insurance online in New York, has received an additional $120 million to fund global expansion.

AI-based insurance tech company Lemonade has raised US$120 million in Series C funding as it looks to expand its operations outside of the US.

Japanese telecom giant SoftBank Group led a group that invested in Lemonade through Series C funding, with participation from existing investors such as Aleph, Allianz, General Catalyst, GV (Google Ventures), Sequoia Capital, Sound Ventures, Thrive Capital, Tusk Ventures, and XL Innovate.

news.30Lemonade said in a statement that online insurance sales powered by artificial intelligence (AI) will dominate the industry for the foreseeable future.

“The insurance brands we know today came of age in the era of the horse-drawn carriage,” said Lemonade CEO and co-founder Daniel Schreiber. “But insurance is best when powered by AI and behavioral economics, which is why we believe that companies built from scratch, on a digital substrate and with a social mission, will enjoy a structural advantage for decades to come.”

“SoftBank is an ideal partner for us and we are thrilled to have them on board,” added Lemonade president and co-founder Shai Wininger. “We share SoftBank’s conviction that big data and machine learning are set to profoundly remake our entire industry, and SoftBank has the vision and means to enable this common vision to become a reality.”

Lemonade said it plans to use the funds to “accelerate its global expansion” next year.

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