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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 53 mins ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

Updated 2 hours ago - Science

This powerful new accelerator looks for keys to the center of atoms

Illustration: Eniola Odetunde/Axios

Nuclear physicists trying to piece together how atoms are built are about to get a powerful new tool.

Why it matters: When the Facility for Rare Isotope Beams begins experiments later this spring, physicists from around the world will use the particle accelerator to better understand the inner workings of atoms that make up all the matter that can be seen in the universe.