Lemonade has raised $34 million in a Series B funding round led by General Catalyst; the Series B round brings the total funding to $60 million; the company plans to use the funding for state expansion with California as its next target. Source
Insurtech firm Lemonade is expanding to 46 new states and the District of Columbia; launch in Washington, Wyoming and Mississippi will be delayed because of statutory wait times; firm will continue to focus on its main product which includes insurance for homeowners and renters. Source
Provides details on announcements from both companies and compares the offerings; PolicyGenius has entered the rental insurance market, launching its rental insurance product this week; also this week Lemonade announced expansion of its rental and homeowners insurance to New Jersey. Source
ZhongAn starts trading tomorrow and raised $1.5bn last week, valuing the group at up to $10bn; the IPO has begun pushing insurtech into the mainstream as the company has seen growing interest across the world; the use of AI & big data have been driving forces behind the company and a main reason for investor interest; this might help to give momentum to other insurtech firms like Lemonade and Oscar. Source.