Lemonade Files Planned IPO Worth Up to $100M

Home and renters insurer Lemonade disclosed plans for an initial public offering worth as much as $100 million.

The New York-based insurtech has applied to use “LMND” as its ticker symbol for the New York Stock Exchange, according to its regulatory filing.

Lemonade’s investors include Japan’s SoftBank Group, Allianz, Google’s venture capital arm, General Catalyst, OurCrowd and Thrive Capital.

Observers had speculated that Lemonade would pursue an IPO in late 2019. Lemonade co-founder and CEO Daniel Schreiber declined to comment when asked by Carrier Management about the matter in early 2020. At the same time, he said that the company would continue international growth plans.

Lemonade, which launched in 2016, has secured nearly half-a-billion dollars in venture capital—one of the largest raises among insurtechs so far—including a $300 million round secured a little over a year ago. The digital seller of home and rental insurance in the U.S. has begun a European expansion and now offers contents and liability insurance in Germany and the Netherlands.

No date has yet been scheduled for the offering, and Lemonade notes in its filing that the number of shares to be offered and the price range has not yet been determined. When will Lemonade go public? That will depend on market conditions, the company said.

Lemonade’s S-1 regulatory filing details the company’s financial performance to date. Here are some highlights:

Read Lemonade’s full S-1 filing here.

Source: Lemonade S-1 SEC Filing