By Julie Verhage.
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 minimize paperwork and speed up the claims process for renters and homeowners, had raised $60 million before Tuesday’s 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 more than $500 million, up from the previous round.
Read more at Bloomberg.