Lemonade, the startup providing renter’s insurance, has filed its S1 to go public on the NYSE under ticker LMND. It’s seeking to raise at least $100M in the offering. Key findings:
- 2019 Revenue $64M
- 2019 Loss – $109M
- 2018 Revenue $21M
- Q1 2020 Revenue – $26M
- Q1 2020 Loss – $37M
Founded by Daniel Schreiber, Shai Wininger in 2015, Lemonade has raised a total of $480M thus far and is backed by investors that include GV, General Catalyst, SoftBank, Thrive Capital, OurCrowd, Sequoia Capital Israel, Expansion Venture Capital, Aleph, G Squared, Tusk Venture Partners, Inventure Partners, Counterpart Advisors, Allianz X, Allianz, XL Innovate, and eBrands.vc. SoftBank, Sequoia Israel, Aleph, XL Innovate, and General Catalyst are the largest institutional shareholders.
Lemonade’s last $300M raise in April 2019 was at a reported $2.1B valuation and was led by SoftBank. If it were to go public at that valuation, the company would be trading at 20.19x net revenue. Vroom, which just went public, is trading at 22x net revenue but went public at 11.22x revenue. It’ll be interesting to see how much investor attention Lemonade can attract at SoftBank inflated valuations.
TKS Talk with Shaloo Garg President, United Nations Women USA | Managing Director, Microsoft for Startups
On June 20th @ 1pm EST, The Knowledge Society (TKS) will be hosting an invite-only talk with Shaloo Garg, Managing Director @ Microsoft! (spoiler, you’re invited!) Register here!
As always, there is no cost to attend. Here’s the link for details and registration.