Menu
KrASIA
News

Israeli insurtech firm Lemonade value up after IPO shares surge

Written by NoCamels Published on 

Share
Lemonade uses behavioral economics, artificial intelligence, and chatbots to sell insurance policies to renters and homeowners.

US-Israeli insurance tech firm Lemonade raised USD 319 million with its initial public offering on Thursday, selling 11 million shares at USD 29 apiece, and more than doubling its valuation by the end of the day.

At the target price of USD 29, the SoftBank-backed company started at a USD 1.6 billion valuation, excluding underwriters’ options, Crunchbase News reported. But by end of day, its shares were trading at USD 69.38, giving Lemonade a total market capitalization of USD 3.8 billion.

Goldman Sachs Group, Morgan Stanley, Allen & Co, and Barclays are lead underwriters on the offering.

Read this: Israeli wireless smart road startup ElectReon raises USD 50 million in equity offering

Founded in 2015 by Shai Wininger, also a co-founder of Fiverr, and Daniel Schreiber, Lemonade uses behavioral economics, artificial intelligence, and chatbots to deliver renters and homeowners insurance policies and handle claims quickly for users in nearly two dozen states across the US. It offers renters insurance starting at USD 5 per month, and homeowners insurance starting at USD 25 per month.

Last year, the company raised a USD 300 million Series D funding round led by Japan’s Softbank Group Corporation, with participation from Allianz, General Catalyst, GV, OurCrowd, and Thrive Capital.

The New York-based startup is trading on the New York Stock Exchange under the ticker symbol LMND. The offering is expected to close on July 7, 2020, subject to customary closing conditions.

This article first appeared in NoCamels, which covers innovations from Israel for a global audience.

Share

You might like these

  • News

    Malaysian company iCar Asia reveals acquisition proposal from China’s Autohome

    By 

    Tech in Asia

    30 Oct 2020    08:00 AM

KrASIA InsightsKrASIA Insights

  • Property technology is set to play a growing role in the future of China’s commercial real estate sector.

    Insights

    Proptech supports China’s commercial real estate recovery

    By AJ Cortese

    30 Oct 202005:13 AM

Most PopularMost Popular

See All