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Lemonade raises $120 million round, led by SoftBank

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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.