The $2 billion Softbank-backed insurance startup Lemonade has filed to go public
Lemonade, an insurance company backed by SoftBank, filed documents on Monday for an initial public offering.s by using artificial intelligence and big data to better analyze risk than traditional players in the space.
But like many other Softbank-backed companies that head to public markets, it's not making any money.Lemonade reported a net loss of $108.5 million in 2019, more than double its 2019 losses. Revenue, meanwhile, increased three-fold in the same span from $21.2 million to $63.8 million. "We have a history of losses and we may not achieve or maintain profitability in the future," the prospectus warns. "We expect that our net loss will increase in the near term as we continue to make such investments to grow our business."as Uber, also Softbank-backed, stumbled out of the gate following its May 2019 offering and WeWork's withdrawn plan to IPO.
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