Illustration: Sarah Grillo/Axios

Lemonade, a mobile-first digital insurer for homeowners and renters, filed Monday for an IPO.

The big picture: The IPO market is on fire, despite global business slowdowns due to the coronavirus pandemic.

  • Lemonade has raised around $480 million from firms like SoftBank Group, Sequoia Capital Israel, Aleph, XL Innovate, General Catalyst, and Thrive Capital.
  • The company, which was valued most recently by venture capitalists at $2.1 billion, has both rising revenue and rising losses. Last year, it lost over $108 million on nearly $68 million in revenue, compared to a $53 million loss on $22.5 million in revenue for 2018.
  • Its gross loss ratio, a key insurance metric, moved from 108.5% in 2017 to 67.7% in 2019.

The bottom line: This could prove an interesting test for investors, who generally view $100 million as the revenue threshold for new tech issuers.

Go deeper

Scoop: Luggage startup Away raises new funding

Illustration: Aïda Amer/Axios

Away, a luggage startup known for its "smart" suitcases, has raised between $30 million and $40 million in new funding, Axios has learned.

Why it matters: This could help bridge Away to the other side of the pandemic, which cut into the company's product sales by more than 90%.

Jun 23, 2020 - Health

The pandemic isn't stopping hospitals from consolidating

Atrium Health is offering to buy a local hospital for $3 billion. Photo: Atrium Health

Hospitals that have pocketed tens of millions of dollars in federal coronavirus bailouts are still pursuing big-ticket mergers and acquisitions.

Why it matters: The pandemic has dried up big parts of hospitals' businesses, and that's why Congress established a $175 billion bailout fund to help them. At the same time, they're spending millions on lawyers and advisers to explore deals that expand their business empires.

Jun 23, 2020 - Technology

Outdoor brands lead the call for Facebook ad boycott

Illustration: Sarah Grillo/Axios

Patagonia became the third major outdoor brand to say it was boycotting Facebook and Instagram on Sunday, following similar moves by North Face and REI.

Why it matters: Tension between advertisers and the tech giant has existed for years, but now — as the country faces a reckoning over systemic racism — marketers feel more compelled to take a public stand on filtering hate speech.