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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

Patreon raises $90 million as the pandemic drives artists to it

Illustration: Aïda Amer/Axios

Patreon, which lets artists get paid directly by fans for content subscriptions, has raised $90 million in new funding at a valuation of $1.2 billion. The investment round is led by New Enterprise Associates and Wellington, with Lone Pine, Glade Brook Capital, Thrive Capital, DFJ Growth, and Index Venture also participating.

Why it matters: With the pandemic shuttering traditional performance venues, eliminating live events and slowing the broader economy, creative workers of all stripes — musicians, writers, actors and more — are seeking alternative sources of revenue.

Updated 7 mins ago - Sports

The Olympic events to watch today

Katie Ledecky. Photo: Al Bello/Getty Images

5 events to watch today...
  • Baseball: USA plays Israel in the opening round at 6 a.m. ET on nbcolympics.com (Watch the replay at 10:30 a.m. ET on NBC Sports).
  • Women’s soccer: USA takes on the Netherlands in the quarterfinals at 7 a.m. ET on NBC Sports (watch the replay at 6 p.m. ET on NBC Sports).
  • 🏊 🚴 🏃‍♀️ Team triathlon: The mixed team relay Triathlon makes its Olympic debut at 6:30 p.m. ET on USA Network.
  • 🏊‍♀️ Swimming finals: Watch Katie Ledecky swim the women’s 800m freestyle final and Caeleb Dressel go for his third gold at this year’s Games in the men’s 50m freestyle. Plus live action from the mixed 4x100m medley relay. Coverage starts at 9:30 p.m. ET on NBC.
  • 🏃‍♀️ Track and field: Athletes compete in prelims and round 1 of several events, including the women’s 400m hurdles and men’s 100m.
Ina Fried, author of Login
16 mins ago - Technology
Column / Signal Boost

Japan tests teleporting games and "remote cheering"

NTT is using augmented reality holograms to transport an Olympic badminton match to the National Museum of Emerging Science and Innovation. Photo: NTT

Japanese telecom giant NTT is using the Olympics to show off a new generation of technologies that can transport the sporting experience to wherever fans are, instead of making them come to games.

Why it matters: Technology like this would have solved tons of problems this year, when no spectators are allowed at the actual Olympic venues. Unfortunately, it's all available only in demo form right now.