The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
SoftBank Group Corp. is betting that technology can overhaul the home insurance industry by leading a $120 million round in Lemonade Inc.
The New York-based startup, which uses artificial intelligence and bots to minimise paperwork and speed up the claims process for renters and homeowners, had raised $60 million before the announcement. Previous backers included General Catalyst, Alphabet Inc.’s GV and Sequoia Capital. While the firm isn’t disclosing its valuation, people familiar with the matter said it will be around $500 million.
Lemonade, launched in 2016, obtained licenses in 25 states, and created a way for real estate, commerce websites to offer its products. “Growth has been in excess of our expectations since our last round,†co-founder and CEO Daniel Schreiber, said.