Having secured a $4bn valuation on the back of a successful IPO this summer, Lemonade is now expanding its hold over the European market by launching in France, taking on local startup Luko in the process.
The US-based InsurTech unicorn previously set up shop in the Netherlands in April this year and in Germany in June 2019.
But getting a foothold in France won’t be easy, with it having to face off against Luko, the French InsurTech startup that closed a €50m Series B investment round this week. The local venture already boasts about having 100,000 customers on its books.
Since going public, Lemonade has been busy. For instance, it signed a partnership with Tokio Marine to enhance the Japanese insurer’s operations in October.
By working with Lemonade, Tokio hoped to create a range of new products and services which meet the changing expectations of customers.
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