Lemonade, a mobile-first digital insurer for homeowners and renters, has raised $120 million in Series C funding led by SoftBank Group. Axios has learned that the pre-money valuation is between $450 million and $500 million.

Why it matters: SoftBank appears to have developed a property tech thesis, which could ultimately mean anything from partnerships to consolidation. Today's Lemonade news comes just weeks after the Japanese giant (via its Vision Fund) plugged $450 million into real estate platform Compass and three months after its massive WeWork investment.

Returning investors: Aleph, Allianz, General Catalyst, GV, Sequoia Capital, Sound Ventures, Thrive Capital, Tusk Ventures and XL Innovate.

Bottom line: "Lemonade is a fully licensed insurance carrier that underwrites its own policies, unlike many other entrants into the growing insurtech space. With a focus on homeowners and renters, Lemonade strives to differentiate itself in a number of ways, including by cutting bureaucracy and speeding up the application process. However, the company also touts its morals through an annual 'giveback' scheme through which it donates all unclaimed money to good causes." — Paul Sawers, VentureBeat