Online insurance company Lemonade has closed its Series D on $300m, with SoftBank Group leading the round.
Other contributions to the investment came from Allianz, General Catalyst, GV (formerly known as Google Ventures), OurCrowd, and Thrive Capital.
Through the new funds, the InsurTech will accelerate its US and European expansion plans for the year, as well as explore new product lines. Late last year, the company revealed its plans to move into the European market, marking its first move into a outside of the US.
New York-based Lemonade leverages AI and behavioural economics to supply better homeowner and renter’s insurance. Its platform charges a flat fee which covers everything, and if after paying claims there is money left over, it is donated to a charity of the policyholder’s choice.
Consumers can take out renter’s Insurance from as little as $5 each month and homeowners insurance from $25 a month.
Lemonade CEO and co-founder Daniel Schreiber said, “In less than three years, Lemonade has expanded across the US, given back to dozens of charities chosen by our community, and fundamentally changed how a new generation of consumers interacts with insurance.
“Looking forward, we aspire to create the 21st century incarnation of the successful insurance company: a loved global brand that can endure for generations; an organization built on a digital substrate, enabling ever faster and more efficient operations, and ever more delighted consumers.”
The InsurTech closed its Series C round in late 2017, pulling in $120m from backers including SoftBank.