SoftBank-backed insurer Lemonade files for IPO

• 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.