Attorneys from Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. represented venture capital firm General Catalyst in a $33 million Series B investment in Lemonade, Inc., a peer-to-peer insurance startup. The funding was led by General Catalyst with participation from GV (formerly Google Ventures), Thrive Capital and Tusk Ventures, as well as existing investors Aleph, Sequoia, and XL Innovate.
This brings Lemonade's total funding to date to $60 million. The investment comes less than two months after the insurtech company launched in New York, and less than a year after announcing its seed round.
Lemonade was licensed as an insurance carrier in the State of New York on September 15th, 2016 and filed for a license in California within hours. The company plans a broad expansion in 2017.
Lemonade is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. As a Certified B-Corp, it is committed to making a positive social impact and transforming the property insurance industry. Unlike traditional insurance companies, Lemonade takes a flat fee, and gives back unclaimed money to causes policyholders care about. Lemonade is reinsured by Lloyd's of London, Berkshire Hathaway (National Indemnity) and other leading reinsurers, and has been assigned a Financial Stability Rating® of A, Exceptional, from Demotech, Inc.
Leading the transaction on behalf of General Catalyst was Heidi A. Lawson, Co-Chair of Mintz Levin's Insurance, Reinsurance, Investigations and Risk Management Practice, and Dean G. Zioze, a Member of the Corporate and Securities Practice. The Mintz Levin team also included Caroline G. Gammill, an attorney in the Corporate and Securities Practice, and Daniel S. Harary and Jacquelyn Burke, attorneys in the Insurance, Reinsurance, Investigations and Risk Management Practice.