Insurance technology company Lemonade raised $120 million in Series C financing, led by SoftBank Group. Aleph Venture Capital, Allianz Digital Corporate Ventures, General Catalyst Partners, GV, Sequoia Capital, Sound Ventures, Thrive Capital, Tusk Ventures, and XL Innovate also participated.
Lemonade is a licensed insurance carrier that offers homeowners’ and renters’ insurance through artificial intelligence and behavioral economics. According to the company, by replacing brokers and bureaucracy with machine learning, it increases efficiency with zero paperwork – and, as a Certified B-Corp, its underwriting profits go to nonprofits.
Lemonade plans to use the funds to accelerate its global expansion in 2018.