Lemonade attracts $120m in latest funding round for global expansion

Japanese lender Softbank has led a $120 million funding round in US insurtech firm Lemonade which wants to use the funds for a global expansion in 2018.

Softbank has joined other investors including Allianz, Sequoia Capital and Google Ventures, which had already backed the company.

Lemonade, an artificial intelligence-focused insurtech company first launched in September 2016 as a licensed insurance carrier offering homeowners and renters insurance in New York.

The company is in the process of expanding nationwide. In August, New Jersey marked the fourth state in Lemonade's nationwide expansion, joining New York, California, and Illinois.

Over the course of 2017, the firm obtained licenses in 25 states, and created a way for real estate and commerce websites and apps to offer Lemonade’s products, both of which have aided growth and adoption, according to Bloomberg News.

“We’ll end this year around 90,000 customers, and our target for the year was 13,000,” co-founder and CEO Daniel Schreiber reportedly said in an interview.

The new funds will be used to expand into global markets in the new year, according to Bloomberg News.

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