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Lemonade (LMND) raised $319m (€283m) with an initial public offering (IPO), signalling high investor demand at a time when markets have been shaken. The New York-based insurtech company sold 11 million shares at $29 on 2 July.
The start-up’s debut was the strongest by a US company in 2020 so far, MarketWatch reported. Shares skyrocketed during the day and finished up 139% at $69.41.
Insurtech IPOs have been garnering a lot of attention in recent years, especially from their more traditional peers.
Venture-backed insurtech startups are beginning to disrupt the incumbent industry, which has been a laggard in their digital transformation, with currently 12 unicorns existing in the global insurtech space, the report found.
Lemonade said it has digitised the entire insurance process. The start-up claimed that it had set “a new world record” when its AI bot was able to approve a claim for a $980 personal item in three seconds, PitchBook notes.
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Insurtech startup Lemonade sees shares jump 139% on IPO
Lemonade (LMND) raised $319m (€283m) with an initial public offering (IPO), signalling high investor demand at a time when markets have been shaken. The New York-based insurtech company sold 11 million shares at $29 on 2 July. The start-up's debut was the strongest by a US company in 2020 so far, MarketWatch reported.
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