Dec 19, 2017

Lemonade raises $120 million round, led by SoftBank

Photo by: India Picture//Getty Images

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

Go deeper

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 5,931,112 — Total deaths: 357,929 — Total recoveries — 2,388,172Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 1,711,313 — Total deaths: 101,129 — Total recoveries: 391,508 — Total tested: 15,192,481Map.
  3. States: New York to allow private businesses to deny entry to customers without masks.
  4. Public health: Louisiana Sen. Cassidy wants more frequent testing of nursing home workers.
  5. Congress: Pelosi slams McConnell on stimulus delay — Sen. Tim Kaine and wife test positive for coronavirus antibodies.
  6. Tech: Twitter fact-checks Chinese official's claims that coronavirus originated in U.S.
  7. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Updated 19 mins ago - Politics & Policy

Twitter fact-checks Chinese official's claims that coronavirus originated in U.S.

Chinese Foreign Ministry spokesman Zhao Lijian. Photo: Greg Baker/AFP via Getty Images

Twitter slapped a fact-check label on a pair of months-old tweets from a Chinese government spokesperson that falsely suggested that the coronavirus originated in the U.S. and was brought to Wuhan by the U.S. military, directing users to "get the facts about COVID-19."

Why it matters: The labels were added after criticism that Twitter had fact-checked tweets from President Trump about mail-in voting, but not other false claims from Chinese Communist Party officials and other U.S. adversaries.

Podcast: Trump vs. Twitter, round two

President Trump is escalating his response to Twitter’s fact check of his recent tweets about mail-in voting, issuing an executive order that's designed to begin limiting social media's liability protections. Dan digs in with Axios' Margaret Harding McGill.

Go deeper: Twitter vs. Trump... vs. Twitter

2 hours ago - Politics & Policy