Insurtech Lemonade has raised $120 million in new funding for its mobile insurance platform, led by Japanese technology investment firm Softbank, the startup announced today.
Lemonade, which provides home and renters insurances to users via mobile, will use the money to create new coverage products in 2018 as well as international expansion, according to the company.
The company also makes use of machine learning and artificial intelligence in its mobile app, using chatbots and other tools to make purchasing an insurance policy, filing a claim, or speaking to an expert as simple as possible for users.
In addition to Softbank, the round included previous investors GV (Google’s investment arm, formerly known as Google Ventures), General Catalyst, and Sequoia Capital.
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