But like many other Softbank-backed companies that head to public markets, it's not making any money.
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"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."
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Despite the heavy losses, Lemonade says its margins are improving as it sets its sights on the global insurance industry, which the company estimates to be worth $5 trillion annually.
The company also said it relies heavily on its two founders — Daniel Schreiber and Shai Wininger — who created the company in 2015.
Most of Lemonade's customers are under 35-years-old, the company said. Its business model relies on "graduation," or selling those customers subsequent insurance products — like home and auto — as they advance through life's milestones.
Goldman Sachs, Morgan Stanley, Allen & Co, and Barclays are leading the offering.
In a letter included in the filing, Lemonade's founders said they wanted to be part of the fourth industrial revolution's transformation of insurance.
"As transformative as the prior revolutions were for insurance, there is reason to believe that today's will be even more so," Daniel Schreiber and Shai Wininger wrote. "No part of the value chain is immune this time: distribution models, business models, statistical tools, systems of management, cost structures, corporate structures, corporate culture, technology stacks, user experience, marketing channels, data sources, data uses, value propositions, human capital — all these and more are being upended."
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