Meet Lemonade, the Latest Insurtech to File for an IPO
Lemonade (NYSE: LMND), an insurtech company that uses artificial intelligence to sell insurance to a largely younger crowd, has recently filed to go public with the Securities and Exchange Commission. The company said in its filing that it is targeting a $100 million capital raise. According to the company's filing, the number of outstanding common shares after the IPO is based on roughly 43.9 million shares of the company's common stock outstanding as of March 31, which includes roughly 31.6 million shares of preferred stock that will automatically convert into common stock.
Prior to filing for an IPO, Lemonade was an up-and-coming startup based in New York that had attracted lots of capital from the private markets, including venture investors Softbank and General Catalyst. Going into the IPO, venture capitalists projected the company to be valued at more than $2 billion. Lemonade said it plans to use proceeds from the IPO for general corporate purposes, but also said it may use the capital to make an acquisition, or invest in other businesses, products, and services. Here's more about Lemonade.
Image Source: Lemonade.
Source Fool.com
