Friday Fundings: Lemonade, Artlist, and The Mom Project
Lemonade Goes Public
Lemonade (LMND), the insurance-tech company, made its public debut yesterday. The firm priced its shares at $29, which gave the high-profile startup a market value of about $1.6 billion.
Lemonade was founded in New York in 2016. It sells insurance to renters and homeowners and is known for its easy-to-use app. Lemonade utilizes artificial intelligence to pay and underwrite claims.
The company is not yet profitable. However, many investors believe it is poised for long-term dominance. Roughly 70% of Lemonade’s users are under the age of 35. Investors are hopeful the company will be able to grow up alongside these customers.
Royalty-Free Content Company, Artlist, Raises $48 Million
Artlist provides royalty-free music, stock video clips, and sound effects to professional filmmakers. The Israel-based company just raised $48 million in a round led by KKR. Elephant Partners, which has made previous investments in the company, also joined the round.
Artlist has created over 20 million pieces of content and serves more than 1 million users. YouTube video content creators are the company’s fastest-growing user demographic. The company will use its latest funding to expand its content library and to diversify its assets.
The Mom Project Raises $25 Million to Help Working Moms
The Mom Project, a Chicago-based startup that helps companies and working moms connect, raised $25 million in a Series B round on Wednesday. Founded in 2016 by Allison Robinson, The Mom Project has since grown into a community of over 275,000 moms and 2,000 businesses.
Wednesday’s funding round was led by 7 Global Capital, and Serena Williams also joined as a strategic adviser. The Mom Project hopes to use the fresh influx of funding not only to expand partnerships but also to develop ways to support talented moms beyond just helping them find jobs.
The company is expanding at a unique time in history when COVID-19 is forcing companies to adapt to remote work and more flexible schedules. Robinson sees the current climate as an opportunity for her company, saying , “The moment is right to rapidly accelerate our efforts to unlock the potential of moms in the workplace.”
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