Lemonade, a mobile-based property and casualty insurer, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
Lemonade is focused on digitizing insurance end-to-end, leveraging data and artificial intelligence to power all aspects of its platform. Its platform is especially popular with younger and first-time insurance buyers. Since its launch in late 2016, its gross written premium has grown from $9 million in 2017 to $116 million in 2019, while its gross loss ratio has fallen from 161% to 79%.
The New York, NY-based company was founded in 2015 and booked $83 million in revenue for the 12 months ended March 31, 2020. It plans to list on the NYSE under the symbol LMND. Lemonade filed confidentially on April 17, 2020. Goldman Sachs, Morgan Stanley, Allen & Company and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.
