SoftBank leads a $120 million round for insurance startup Lemonade | Techno Rhyno

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The SoftBank Group has finally made a good tech investment around real estate.

After investing $4.4 billion in what is essentially a bespoke office space rental business (WeWork) and another $450 million in Zillow for rich people (Compass), the gargantuan Japanese tech investor is leading a $120 million round of funding for Lemonade, a startup providing renters and homeowners insurance.

Additional investors in the round include previous backers Alphabet’s investment firm, GV, General Catalyst and Sequoia Capital.

Insurance is a pretty tricky business that depends on a lot of data science to right-size coverage β€” and Lemonade is one of the first completely new entrants in the market to design a soup-to-nuts insurance business for the smartphone era.

Much of what the company does is automated by chatbots or managed by algorithmically enhanced policy management tools (I hesitate to say AI-enabled, because these things aren’t intelligent, they just process data well).

That…

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