InsurTech startup Lemonade has secured funding from global insurance giant Allianz.
The terms of the deal are undisclosed.
Lemonade has raised more than $60m since it was founded in 2015 from investors including GV, Sequoia and Thrive Capital.
The New York-based business is a licensed insurance carrier and aims to offer homeowners and renters insurance powered by behavioural economics and machine learning.
Allianz’s chief digital office Solmaz Altin commented: “Allianz is committed to staying at the cutting edge of insurance.
“We follow the InsurTech space closely and globally, and have seen nothing to match Lemonade in terms of technology, user experience and business model innovation.
“We’re thrilled to become a stakeholder in Lemonade, and will do what we can to accelerate their rapid expansion throughout the US and beyond.”
Allianz serves more than 86 million retail and corporate customers across 70 countries.
Early this year the firm participated in Berlin-based insurance startup Simplesurance’s €19.2m venture round.
Lemonade’s CEO and co-founder Daniel Schreiber said: “Allianz is rightly regarded as one of the most forward thinking companies in our industry.
“Despite their unparalleled reach and resources, Allianz has no competitive business with Lemonade, and we look forward to deepening our relationship with them in the years to come.”
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