Expansion Venture Capital, is a venture capital firm focused in early and growth stage companies. Located in New York City, EVC was founded by brothers, Joseph and Ryan Melohn.   EVC’s team is comprised of entrepreneurs. Fifteen years of combined experience has enabled EVC to help build great companies across the US.  As entrepreneurs, “we have been in their shoes and speak the same language”.  We pride ourselves on being available for our teams of entrepreneurs 24/7. We work side by side with them, providing intellectual capital and assistance in any way we can. From mentorship to business development, raising capital, getting the right press, are some of the ways “we work for you”. When one of our founders have a question we want to be the first place they turn. Their success is our success!  We are founder friendly! “Entrepreneurs, not VCs, build great companies”

Expansion Venture Capital

Aleph is an early stage venture capital fund focused on partnering with great Israeli entrepreneurs to build large, meaningful companies and impactful global brands. Founded in 2013, Aleph is a partnership of Michael Eisenberg, Eden Shochat, Yael Elad and Tomer Diari with $850M under management. Aleph has invested in over 50 companies (not all announced) including Lemonade, Melio, Healthy.io, SparkBeyond, JoyTunes, Fabric, Freightos and Bringg.  Aleph is redefining the kind of support entrepreneurs and the local high tech community can expect from a venture capital firm. We aim to service the hell out of our entrepreneurs with high-touch, partner-level service. We built a startup within our firm - Ampliphy, the Aleph Value Generation Platform - to meet the greatest startup challenges like talent recruitment, business development and follow-on funding - at scale. Ampliphy leverages our people, network, software and resources to help companies succeed on the global stage. The team at Aleph are committed to supporting startups and the entire Israeli tech ecosystem as they harness the power of new technologies to develop and grow transformational companies.

Aleph

Sequoia Capital Israel is a VC firm focused on seed stage, mid stage, late stage, and growth investments in the fintech sector. Sequoia Capital Israel prefers to invest in Israel. The firm typically invests between $100,000 and $1 million in seed companies, between $1 million and $10 million in early venture, and between $10 million and $100 million in growth investments.

Sequoia Capital Israel

General Catalyst is a venture capital firm that provides early-stage and growth equity investments. The company provides ongoing momentum that accelerates ideas, careers, and companies toward standout success.

General Catalyst

Google Ventures supports innovative founders who are moving the world forwards. They invest across the life sciences, consumer, enterprise, crypto, climate, and frontier technology sectors. With Alphabet as its sole limited partner, GV operates on long time horizons and deals in decades, not rounds. Their operating partners help startups with company building across design, equity, diversity & inclusion, talent, and engineering. They also help startups interface with Google, providing unique access to the world’s best technology and talent. Launched as Google Ventures in 2009, GV has over $8 billion in assets under management and 400 active portfolio companies across North America and Europe. Notable investment outcomes include Uber, Nest, Slack, GitLab, Duo Security, Flatiron Health, Verve Therapeutics, and One Medical. GV is headquartered in the San Francisco Bay Area, with offices in Cambridge, New York, and London.

Google Ventures

Thrive Capital is a venture capital investment firm that focuses on building and investing in Internet, software, and technology-enabled companies.

Thrive Capital

Tusk Venture Partners is the only venture capital firm at the nexus of technology and regulation. TVP is an early-stage venture capital firm based in NYC, focused on investing in technology startups operating in highly-regulated markets.

Tusk Venture Partners

XL Innovate creates new ventures that can provide innovation and a meaningful positive impact on the global insurance industry. They invest capital, energy, experience-based expertise, and the substantial resources of their limited partner.

XL Innovate

VC firm providing early stage capital and resources to transformational leaders focused on highly scalable opportunities.

Generation Ventures

Counterpart Advisors is a Venture Capital, Private Equity & Consulting firm that engages in highly competitive and visible markets.

Counterpart Advisors

As a young and dynamic company with a spirit of entrepreneurship, we look first and foremost at the vision leading the entrepreneur. We believe that we should be investing in people, first and foremost. We strive to invest in companies led by entrepreneurs capable of envisioning and growing great companies with products and/or services meeting real market needs in large and growing markets. We seek companies with profound deep tech creating durable barriers to entry by the competition, thus gaining a sustainable hedge for the long-term and making a real impact on the world. We are less interested in companies whose products and/or services may become a commodity in short order. As a leading venture capital fund, Champel Capital’s responsibility accompanies every investment we make. Alongside our global standards for protecting social and environmental elements, we implement active Impact Investing as part of our asset allocation. It’s all about creating value, both financial and social. We like doing well by doing good, to all: our LPs, our companies and their founders and employees, our own employees, and of course, our partners. Our clients enjoy a wealth of flexibility. Investing in our Champel Capital Impact Deep Tech Fund grants the diversification and professional management of their capital in the Israeli VC space. Alternatively, our clients can opt to invest directly in specific companies through Champel Capital L.P.’s SPVs, with the luxury to pick and choose a precise investment. With this system, our LPs fully maintain their power of decision on every single deal, both in terms of ticket size and whether to add money on each subsequent round.

Champel Capital

SoftBank provides fixed-line, mobile telephony, internet, telecommunications, and digital television products. It is a multinational telecommunications and internet corporation focused on broadband, fixed-line telecommunications, e-commerce, the internet, technology services, finance, media and marketing, and other businesses. The company operates through four segments. The mobile communications segment provides mobile communications services, produces and distributes online games for smartphones and other devices, offers mobile broadband services, provides supply chain solutions, handset protection, and insurance, buy-back and trade-in services, omnichannel solutions, and financial services, and sells mobile devices such as iPhones, iPads, and SoftBank smartphones. The Sprint segment offers mobile and fixed-line voice and data transmission services for individual consumers, businesses, government subscribers, and resellers in Puerto Rico and the U.S. and sells mobile devices and accessories. The fixed-line telecommunications segment offers telecom services such as fixed-line telephone and data communications services to corporate customers and broadband services to individual customers. The internet segment is engaged in the operation of the Yahoo! Japan portal, the sale of internet advertising, the operation of e-commerce sites, the provision of membership services, the sale and marketing of data centers, the provision of online automobile-related information, and the operation of the internet affiliate system. SoftBank also generates and sells electricity from renewable energy sources; provides payment processing, invoice collections, and computation services for businesses; distributes video, voice, and data content via media; operates the IT information site ITmedia; provides solutions and services for online businesses; and operates online games and software downloads. Additionally, it is involved in the ownership of professional baseball teams, the operation of baseball games, the management and maintenance of baseball stadiums and other sports facilities, and the procurement of funds by issuing preferred securities.

SoftBank

Allianz offers a comprehensive range of insurance and asset management products and services to approximately 78 million customers in more than 70 countries. Their product portfolio includes a wide range of property-casualty and life/health insurance products for both private and corporate customers. They are the leading property-casualty insurer globally and rank among the top five in the life/health insurance business. Most of their insurance markets are served by local Allianz companies while selected business lines are run globally such as Global Corporate Customers, Credit Insurance, Assistance Services, Worldwide Care, Global Automotive, and Reinsurance.

Allianz

Sound Ventures is a venture capital firm. The company seeks to invest in the technology sector.

Sound Ventures

Inventure Partners is an innovative investment fund focused on funding disruptive technology startups. The fund looks for teams with a novel approach to business models, and companies that are able to solve real problems and remove inefficiencies in the market. Inventure Partners backs a wide range of ventures across the technology industry, and the fund’s portfolio currently includes on-demand service Gett (GetTaxi), leader in US telehealth American Well, long-distance bus tickets platform Busfor, and others.

Inventure Partners

OurCrowd is a venture investing platform that enables institutions and individuals to invest and engage in emerging companies. OurCrowd was started in 2013, driven by the idea that the business of building startups grows bigger and better when the global 'crowd' gains access to VC-level investment opportunities.

OurCrowd

EBrands is a firm that builds, invests in, and buys companies. Their goal is to increase human efficiency.

eBrands

Digital Horizon is a venture firm specialising in FinTech Infrastructure, B2B Software, and AI applications, investing in companies at the point where they have demonstrated product-market fit and are ready to scale. With headquarters in London, UK, and Tel Aviv, Israel, Digital Horizon has built a global presence with strong connections in the local ecosystems in which the team operates and an active investment and portfolio construction approach.  Digital Horizon supports technology companies across three main pillars: a flagship access fund for early-stage investments, a growth fund for selected later-stage opportunities, and a proprietary digital investment platform that facilitates primary and secondary deals across various stages. Data-driven decision-making is a key aspect, where we utilize algorithms and scoring within the platform to address industry-wide challenges related to access and liquidity.  Digital Horizon takes a particular interest in founders with an immigrant background because we recognize the distinct perspective, drive, and ambition that often accompany building successful businesses outside of one's home country. We believe in the success stories of the vision, capabilities, and growth potential demonstrated by founders with this type of experience.

Digital Horizon

Lemonade

Lemonade operates as a full-stack insurance company powered by AI and behavioral economics and driven by social good. It is a licensed insurance carrier, offering homeowners and renters insurance. Lemonade replaces brokers and bureaucracy with bots and machine learning, delivering zero paperwork and instant everything.  The company uses artificial intelligence and behavioral economics to set rates for the homes and renters it insures.  Lemonade was founded in Tel Aviv, Israel, in 2015 and is headquartered in New York, NY, United States.

<div>Lemonade is a full-stack insurer that provides a range of insurance products that include renters, homeowners, life, car, and pet insurance. The company operates completely digitally, using AI-powered chatbots to onboard clients and process claims. The company&rsquo;s AI runs several anti-fraud algorithms to eliminate false claims and asserts to handle 30% of claims instantly. The company&rsquo;s business model is similar to peer-to-peer insurance, where Lemonade donates any unclaimed premiums to charitable causes of the customer&rsquo;s choosing. Lemonade offers life insurance through its website and mobile apps in partnership with digital life insurance provider, Bestow.&nbsp;</div>

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience.

Neo Insurance

<div>Lemonade is a full-stack insurer that provides a range of insurance products that include renters, homeowners, life, car, and pet insurance. In July 2020, the company expanded its offerings by launching pet insurance for dogs and cats. The decision to introduce pet insurance was driven by the fact that a significant portion (70%) of Lemonade's customers who have home or renters policies are also pet owners. The policy covers a wide range of medical procedures and treatments, including blood tests, x-rays, MRIs, lab work, CT scans, ultrasounds, outpatient care, specialty and emergency procedures, hospitalization, surgery, and medication. Additionally, pet owners have the option to purchase an extended Accident and Illness Package that covers accidents, poisonings, and various illnesses. The company&rsquo;s pet insurance policy starts at USD 12 per month, and existing policyholders can receive a 10% discount by bundling it with their home or renters insurance. Furthermore, it offers an optional wellness package that provides savings for routine checkups, tests, and vaccines, as well as access to medical advice chat and helpful reminders.</div>

Pet ownership is at an all time high in the United States and the pet care economy is booming.

Pet Care Tech

<div>
 
 Lemonade is a full-stack insurer that provides a range of insurance products that include renters, homeowners, life, car, and pet insurance. The company operates completely digitally, using AI-powered chatbots to onboard clients and process claims. The company&rsquo;s AI runs several anti-fraud algorithms to eliminate false claims and asserts to handle 30% of claims instantly. The company&rsquo;s business model is similar to peer-to-peer insurance, where Lemonade donates any unclaimed premiums to charitable causes of the customer&rsquo;s choosing. Lemonade offers life insurance through its website and mobile apps in partnership with digital life insurance provider, Bestow.&nbsp;
 
 
 The company most recently launched its own car insurance product, &ldquo;Lemonade Car&rdquo; in November 2021, which uses its underlying AI-based technology to process policies and claims, enabling safe drivers to obtain better rates. Lemonade Car has been specifically designed to offer lower insurance rates for low-mileage drivers and environmentally friendly electric vehicles (EVs) and hybrid cars. The offering will use a telematics app to measure factors such as mileage and driving habits and will also provide services such as 24/7 on-location roadside assistance.&nbsp;
 
 
 Lemonade utilizes a machine learning model&ndash;6th generation Lifetime Value (LTV6)&ndash;to predict a customer's likelihood to churn, claim, and cross sell, from which it derives an estimated lifetime value of a customer. It is also used to score each product, market and campaign. In addition, by incorporating customer acquisition cost into the model, it helps the company decide which product, market, and campaign receives the incremental dollar spend.
 
 
 In July 2022, Lemonade completed the acquisition of Metromile, a pay-per-mile automobile insurance provider, in an all-share transaction valued at USD 145 million or 7.3 million Lemonade shares, excluding cash, worth USD 150 million, which marked Lemonade&rsquo;s first acquisition. Through the acquisition, Lemonade aimed to bolster its auto insurance offerings by using Metromile&rsquo;s vast amount of driving data to offer competitive and precise policies and benefit from Metromile&rsquo;s written premiums of over USD 110 million and insurance licenses in 49 states, compared to the three it owns in Ohio, Illinois, and Tennessee, accelerating its speed to the market throughout the US.
 
 
 The company holds a pan-European license, which enables it to sell insurance in 31 countries across Europe with established operations in France, Germany, and the Netherlands. In addition, it obtained a UK carrier license from the Prudential Regulation Authority (PRA) 
 <a href="https://sp-edge.com/updates/19668">
 in June 2023
 </a>
 , allowing the company to introduce a broader range of insurance offerings as well as strengthen its presence in the country. It initially launched in the 
 <a href="https://sp-edge.com/updates/13455?industryIds=36">
 UK in October 2022
 </a>
 , offering renters (contents) insurance.
 
 
 Key customers and partnerships
 
 
 As of June 2023, Lemonade had ~1.9 million customers (up 20.7% YoY).&nbsp;
 
 
 Lemonade 
 <a href="https://sp-edge.com/updates/12330">
 partnered with Mitchell International
 </a>
 , to use the latter&rsquo;s claims management platform to streamline and automate the claims processes of its auto insurance business&ndash;Lemonade Car. In addition, the company entered into a strategic partnership with 
 <a href="https://sp-edge.com/updates/13455">
 Aviva to enter the UK market
 </a>
 offering renters insurance, with the latter also being its reinsurance partner. It also 
 <a href="https://sp-edge.com/updates/16392">
 collaborated with BNP Paribas Cardif
 </a>
 (the personal lines insurance arm of BNP Paribas) to offer digital renters insurance in France. Furthermore, the company 
 <a href="https://sp-edge.com/updates/13947?industryIds=36">
 partnered with Chewy
 </a>
 to offer pet insurance policies as part of the latter&rsquo;s suite of insurance and wellness offerings CarePlus.&nbsp;
 
 
 In June 2023, the company partnered with General Catalyst (GC), a venture firm and an early investor in Lemonade, to create Synthetic Agents. This program, which commenced on July 1, 2023, involved General Catalyst (through its Customer Value platform) financing up to 80% of all Lemonade's customer acquisition costs. In return, they received a commission of up to 16% of the stream of premiums they helped finance. Once GC had recovered its investment and capped the return on any one cohort, the remaining 'lifetime value' of the customers from that cohort accrued entirely and indefinitely to Lemonade.
 
 
 Funding and financials
 
 
 In July 2020, Lemonade sold 11 million shares in an Initial Public Offering (IPO), raising USD 319 million in the process at a valuation of USD 1.6 billion. Lemonade announced a secondary stock offering in January 2021, where the company offered 3 million shares for sale, with the option to purchase additional shares for underwriters to cover higher-than-expected demand. Lemonade also disclosed that certain existing shareholders would also be offering their own shares for sale, amounting to approximately 1.5 million shares.
 
 
 For the full year of 2022, Lemonade recorded total revenue of USD 256.7 million (up 99.9% YoY), due to gross earned premium increasing 68.0% YoY to USD 490.5 million. However, its net loss deteriorated 23.4% YoY to USD 297.8 million, and its net loss ratio fell 4 pp YoY to 97% in FY 2022.
 
</div>

<div>
 
 Root Insurance is a full-stack insurance provider focusing on usage-based automobile insurance. The company offers a mobile app that collects data on driving speeds, braking patterns, and driving times using smartphone sensors, and applies artificial intelligence (AI) and predictive models to offer a personalized premium to the customer. The company claimed that the latest model utilizes double the proprietary data, demonstrating 17% greater predictive capabilities than the previous model. Moreover, the app incentivizes safe driving by providing greater insight into one&rsquo;s driving patterns and issuing additional discounts for improved driving behavior. Root allows customers to file claims directly through the mobile app. As of December 2021, Root held a carrier license in 48 states and offered automobile insurance in 32 states&mdash;most recently in Kansas.
 
 
 In July 2019, Root launched its renters&rsquo; insurance product and expanded to homeowners insurance in May 2020. The homeowners&rsquo; insurance is provided through a partnership with Homesite Insurance, a Boston-based property and casualty insurer that will underwrite any homeowners insurance policies issued by Root. As of June 2021, the company&rsquo;s renters&rsquo; insurance product was available in eight states.
 
 
 Key customers and partnerships
 
 
 Root had 203,840 policies in force as of June 2023.
 
 
 Root entered into a partnership with Carvana in July 2022, to offer usage-based auto insurance policies on the latter&rsquo;s used-car online platform.
 
 
 In addition, it had also collaborated with other players in the insurance space to optimize and digitize its insurance services.In January 2021, Root partnered with Tractable, a UK-based provider of AI-based solutions, to leverage its AI Subro solution to optimize Root&rsquo;s end-to-end claims process, starting with subrogation, where two insurance carriers negotiate the division of expenses when multiple parties are involved in a claim. It also partnered with CCC Intelligence Solutions in February 2023, to use its first-party casualty solution to streamline and digitize first- and third-party casualty claims through a single digital workflow.
 
 
 Funding and financials
 
 
 In October 2020, Root sold 26.8 million shares in its initial public offering (IPO), raising USD 724.4 million in the process at a valuation of USD 6.8 billion. In 
 <a href="https://sp-edge.com/updates/8089">
 January 2022
 </a>
 , Root received a five-year term loan of USD 300 million from BlackRock Financial Management (BlackRock) to extend its debt maturity and improve its liquidity position.
 
 
 For the full year of 2022, Root reported total revenue of USD 310.8 million (down 10.0% YoY), while its net losses improved to USD 297.7 million from a loss of USD 521.1 million in 2021. Its gross loss ratio improved to 82.1% from 86.0% in 2021.
 
 
 
</div>

Root Insurance

<div>
 
 Cambridge Mobile Telematics (CMT) launched its mobile-focused usage-based insurance (UBI) platform in 2012, enabling insurers to build their own UBI products. The company&rsquo;s product suite includes a white-label mobile app (DriveWell) and an Internet of Things (IoT) tag that collects telematics data that insurers can use to assess risk, incentivize behavioral change through gamification, and reconstruct crashes for accurate claims processing. The app also notifies insurers instantly during an accident, allowing them to dispatch help and begin the claims process. It also enables insurers to detect fraudulent claims based on telematics data.
 
 
 In June 2021, the company acquired TrueMotion, a developer of telematics solutions for auto insurance, for an undisclosed amount. Founded in 2012, TrueMotion helps insurers develop their own usage-based insurance products by allowing developers to build mobile apps on top of its platform which collects information from smartphone sensors in relation to an individual's driving behavior. The platform also includes telematic data features to file claims using the app and other value-added services such as good driving incentives and quick accident responses following a crash. TrueMotion&rsquo;s telematics solution can also be used by fleet operators to monitor the driving patterns of its drivers. Through the acquisition, the two companies will combine their products to bolster CMT&rsquo;s offerings and expand the company&rsquo;s geographical reach. 
 
 
 In addition, CMT acquired Amodo, a turnkey usage-based auto insurance solutions provider based in Europe 
 <a href="https://sp-edge.com/updates/16753">
 in March 2023
 </a>
 , for an undisclosed amount. Following the acquisition, Amodo will operate under the CMT brand and will gain access to its advanced telematics solutions. Through the acquisition, CMT aimed to accelerate its global reach and strengthen its position in Europe.
 
 
 Key customers and partnerships
 
 
 As of March 2023, CMT&rsquo;s technology-powered 95 enterprise programs across 25 countries including nine in continental Europe. In addition, its solutions are used by 21 of the top 25 insurers in the US, including insurers such as StateFarm, Liberty Mutual, and Progressive. CMT&rsquo;s solutions are also used by rideshare companies and large fleet operators.
 
 
 Funding and financials
 
 
 The company&rsquo;s last funding round was in December 2018, where it raised USD 500 million from SoftBank&rsquo;s Vision Fund, with plans to expand its platform.
 
</div>

Cambridge Mobile Telematics

<div>
 
 Hippo is a digital homeowner insurance provider. The company offers its homeowner policies online, with each policy accompanied by a complementary smart home monitoring system that will help identify risks proactively. It provides coverage using a combination of machine learning, satellite imagery, and other public records and actively reviews for any changes to the property overtime.
 
 
 Hippo also provides home insurance to buyers of newly built homes that is directly integrated to the digital mortgage and title process through its Builders business. Further, it launched 
 <a href="https://sp-edge.com/updates/16051">
 Hippo Builder Insurance Agency (HBIA)
 </a>
 in January 2023, to allow builders of all sizes to partner with HBIA to send leads of homeowners in return for a fee.
 
 
 The company also offers an on-demand homecare and maintenance app (Hippo Homecare) which it launched in 2019 following the acquisition of Sheltr, a home maintenance platform, during the same year. It also launched &ldquo;Book a Pro'' feature within its mobile app in Q4 2022, which allows homeowners based in Texas to connect to home improvement professionals as well as message its Hippo&rsquo;s own home care experts to get advice. Hippo also plans to roll-out this feature to other states in the future.
 
 
 In June 2020, Hippo entered into an agreement to acquire long-time insurance partner Spinnaker Insurance Company, which is a property and casualty insurer registered in all 50 states, for an undisclosed amount. The acquisition was expected to help the company expand its geographical reach. The company&rsquo;s homeowner offering was available in 40 states as of January 2023.
 
 
 Key customers and partnerships
 
 
 Hippo had 332,000 customers as of September 2022, and it claimed nearly 75% of its new customers were Gen B.
 
 
 The company partnered with property and casualty risk intelligence company, 
 <a href="https://sp-edge.com/updates/17629">
 Opterrix in April 2023
 </a>
 , to leverage its real-time data on severe weather events to identify at-risk policyholders and improve its claims management capabilities.
 
 
 Funding and financials
 
 
 In November 2020, Hippo raised USD 350 million from Mitsui Sumitomo Insurance company. The company expects to use this funding to support its national expansion plans and also evaluate acquisition opportunities to grow inorganically.
 
 
 For FY2022, the company recorded total generated premiums of USD 811.1 million, which was up 33.8% YoY. Its gross loss ratio improved 62 percentage points to 76% during the year, while its net loss improved 10.2% YoY to USD 333.4 million.
 
 
 
 
 
</div>

Hippo Insurance

<div>
 
 Clearcover is a fully digital automobile insurance provider that offers insurance coverage and claims filing using online channels along with other value-added services such as roadside assistance. The company leverages AI and machine learning models to provide personalized pricing to its customers and validate claims. The company states that it can handle 96% of all claims virtually.&nbsp;
 
 
 Clearcover also uses an application programming interface (API) to offer embedded car insurance. This powers 
 <a href="https://sp-edge.com/updates/21232">
 Choice
 </a>
 , an end-to-end embedded auto insurance solution that allows brands to provide auto insurance policy options from various carriers to their customers. As of March 2023, Clearcover offered its policies in 19 states in the US.&nbsp;
 
 
 Key customers and partnerships
 
 
 In May 2020, Clearcover partnered with claims management solution vendor Snapsheet to fully digitize its own claims function from First Notification of Losses (FNOLs) to disbursements. Moreover, it collaborated with Experian to offer car insurance on the latter&rsquo;s insurance comparison site 
 <a href="https://sp-edge.com/updates/18045">
 in April 2023
 </a>
 . This was part of Clearcover&rsquo;s strategy to expand its distribution channels.
 
 
 Fundings and financials&nbsp;
 
 
 In April 2021, the company raised USD 200 million in a Series D funding round, led by Eldridge, at a valuation in excess of USD 1 billion. The company expects to use the funding toward product development and increasing headcount.&nbsp;
 
 
 For FY2022, the company generated total direct premiums written of USD 140.7 million (up 79% YoY) and recorded USD 61.4 million in net premiums earned. Its net losses amounted to USD 38.7 million for the year, while its loss ratio and combined loss ratios stood at 115% and 158%, respectively.
 
 
 
 
 
</div>

Clearcover

<div>
 
 Shift Technology, based in France, provides a Software-as-a-Service (SaaS) solution for insurers to automate claims and detect fraud during the underwriting and claims processing stages. The company’s platform uses artificial intelligence (AI) and a combination of internal and third-party data to flag potentially fraudulent claims. Furthermore, it provides a white-label mobile app that takes advantage of the company’s fraud detection capabilities and enables insurers to streamline their entire claims functions from First Notification of Losses (FNOLs) to disbursements. In addition to France, the company maintains regional offices in the US, Japan, the UK, Spain, and Singapore.
 
 
 Key customers and partnerships
 
 
 As of May 2021, the company had a workforce of 350 people, and it claimed to have analyzed ~2 billion claims globally. It also worked with more than 100 customers across 25 countries, including insurance companies such as AXA, Generali France, and Mitsui Sumitomo. 
 
 
 Shift collaborated with big data provider Legentic in April 2022, through which it aimed to allow its customers access structured data to minimize fraudulent claims and improve claims processing times. It also formed strategic partnerships to integrate its product as part of other insurtech’s product offerings such as with Sapiens, providing the latter’s customers with alerts regarding fraudulent claims.
 
 
 Funding and financials
 
 
 In May 2021, Shift Technology raised 
 <a href="https://sp-edge.com/updates/2834">
 USD 220 million in a Series D 
 </a>
 funding in a round led by Advent International at a valuation of over USD 1 billion. The company expected to use the funding to expand its presence in the property and casualty market and also venture into other insurance verticals such as health. The funding was to also be channeled toward accelerating business growth in the US. In November 2021, the company received an undisclosed investment from Guidewire, as an 
 <a href="https://sp-edge.com/updates/6418">
 extension to its Series D
 </a>
 round. The company was to use the new funds to further develop its technology and support its go-to-market strategies.
 
</div>

Shift Technology

Limited number of life insurers use genetic/epigenetics to underwrite life insurance

Infrastructure and embedded solutions are offered under a B2B SaaS model

Uses personal data to underwrite and price personalized policies such as usage-based insurance for vehicles

Used for underwriting and claims; infrastructure providers offer AI/ML products to traditional insurers

IoTs used to proactively mitigate risks and offer usage-based insurance

Startups in the automobile insurance space, predominantly providing usage-based insurance using telematics devices and/or smartphone sensors.

Startups that offer homeowners and renters insurance using artificial intelligence (AI) and smart home devices to issue policies and validate claims.

Startups that provide life insurance through digital channels personalized to an individual’s circumstances and replacing traditional practices, such as medical tests, with data-driven underwriting.

Startups that offer personalized travel, bicycle, and pet insurance through digital platforms, utilizing technology such as flight tracking and online claims processing.

<div>
 
 Lemonade is a full-stack insurer that provides a range of insurance products that include renters, homeowners, life, car, and pet insurance. In July 2020, the company expanded its offerings by launching pet insurance for dogs and cats. The decision to introduce pet insurance was driven by the fact that a significant portion (70%) of Lemonade's customers who have home or renters policies are also pet owners. The policy covers a wide range of medical procedures and treatments, including blood tests, x-rays, MRIs, lab work, CT scans, ultrasounds, outpatient care, specialty and emergency procedures, hospitalization, surgery, and medication. Additionally, pet owners have the option to purchase an extended Accident and Illness Package that covers accidents, poisonings, and various illnesses. The company&rsquo;s pet insurance policy starts at USD 12 per month, and existing policyholders can receive a 10% discount by bundling it with their home or renters insurance. Furthermore, it offers an optional wellness package that provides savings for routine checkups, tests, and vaccines, as well as access to medical advice chat and helpful reminders.
 
 
 In May 2018, Lemonade launched Policy 2.0, an insurance policy that simplifies and adopts an open-source approach, which is an industry first. Initially available only in Europe, Policy 2.0 aimed to tackle the issue of policyholders struggling to comprehend their coverage. A notable feature is it allows anyone to contribute and propose changes to the policy, offering a unique perspective in the insurance industry. Lemonade planned to bring Policy 2.0 to the US, aiming to improve transparency and accessibility for customers.
 
 
 The company claims that its AI utilizes several anti-fraud algorithms to eliminate false claims and asserts that it is capable of handling 30% of claims instantly. The company&rsquo;s business model is similar to peer-to-peer insurance, where Lemonade donates any unclaimed premiums to charitable causes of the customer&rsquo;s choosing.&nbsp;
 
 
 The company holds a pan-European license, which enables it to sell insurance in 31 countries across Europe with established operations in France, Germany, and the Netherlands. 
 In addition, it obtained a UK carrier license from the Prudential Regulation Authority (PRA)&nbsp;
 <a href="https://sp-edge.com/updates/19835">
 in June 2023,
 </a>
 allowing the company to introduce a broader range of insurance offerings as well as strengthen its presence in the country. It initially launched in the 
 <a href="https://sp-edge.com/updates/18769">
 UK in October 2022,
 </a>
 offering renters (contents) insurance.
 
 
 Key customers and partnerships
 
 
 As of March 2023, Lemonade had ~1.9 million customers (up 23.4% YoY).
 
 
 In October 2022, the company 
 <a href="https://sp-edge.com/updates/18770">
 partnered with Chewy
 </a>
 to offer pet insurance policies as part of the latter&rsquo;s suite of insurance and wellness offerings, CarePlus. It was expected to be launched exclusively on Chewy&rsquo;s website beginning in spring 2023. Customers could also use Lemonade&rsquo;s app for policy management and claims filing.
 
 
 Funding and financials
 
 
 In July 2020, Lemonade sold 11 million shares in an Initial Public Offering (IPO), raising USD 319 million in the process at a valuation of USD 1.6 billion. Lemonade announced a secondary stock offering in January 2021, where the company offered 3 million shares for sale, with the option to purchase additional shares for underwriters to cover higher-than-expected demand. Lemonade also disclosed that certain existing shareholders would also be offering their own shares for sale, amounting to approximately 1.5 million shares.
 
 
 For the full year of 2022, Lemonade recorded total revenue of USD 256.7 million (up 99.9% YoY), due to gross earned premium increasing 68.0% YoY to USD 490.5 million. However, its net loss deteriorated 23.4% YoY to USD 297.8 million, and its net loss ratio fell 4 ppt YoY to 97% in FY 2022. On the back of robust 
 <a href="https://sp-edge.com/updates/18991">
 Q1 2023 performance,
 </a>
 the company revised its FY2023 guidance upwards; it expected IFP to be in the range of USD 700 million&ndash;705 million (implying an increase of 12.0%&ndash;12.8% YoY), and to achieve GEP in the range of USD 645 million&ndash;650 million (implying a growth of 31.5%&ndash;32.5% YoY).&nbsp;
 
</div>

<div>
 
 Digitail offers a cloud-based software platform for veterinarians that provides an online booking system, electronic record keeping, stock management, invoicing, billing, etc. The platform, which can be accessed from any device (mobile phones, laptops, desktops), is available in different packages on a Software-as-a-Service (SaaS) basis; USD 95 per month for mobile vets, USD 79 per month for small clinics, and USD 159 per month for large clinics. As of March 2021, the platform served 2,000 veterinarians across 16 countries.
 
 
 Funding and financials
 
 
 In January 2023, the company raised 
 <a href="https://sp-edge.com/updates/16032?industryIds=7">
 USD 11 million in Series A funding
 </a>
 led by Atomico to expand its operations in the US and Canada. The round follows its USD 2.5 
 million seed funding in March 2021, led by the VC firm byFounders and Gradient Ventures (Google&rsquo;s AI fund).
 
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Digitail

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 Gudog is a Spanish on-demand platform that connects dog owners with dog sitters for at-home dog sitting, dog walking, and dog daycare services. The company operates in France, UK, Germany, Ireland and Spain. In February 2019, the company merged with HouseMyDog, a similar company headquartered in the UK, to mutually expand its reach to more than 25,000 dog sitters on its platforms. As of February 2019, Gudog was considered to be the market leader in Spain. In February 2021, the company announced the acquisition of Host My Pet, a Finnish online pet sitting services company, for an undisclosed amount. The acquisition is aimed at expanding operations into Nordic countries, starting with Finland. With the acquisition, the combined entity’s 17 full-time employees will serve approximately 650,000 pet owners across Europe.
 
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GuDog

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 Urban Leash is an on-demand pet care service provider that offers dog walking and cat sitting services. The app is GPS-embedded, which allows pet owners to track the whereabouts of pets. Its dog walking services and cat services are are offered in Boston within the Fenway and Jamaica Plain neighborhoods, whereas cat sitting services are also provided in several other areas in Brookline. Urban Leash also provides care services for small animals, such as feeding fish, small birds, and small mammals. Administering medication is offered without any fees. 
 
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Urban Leash

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 TeleTails is a veterinary telehealth platform that allows pet owners to obtain advice from veterinarians and behaviorists when needed. The company’s software provides care teams with the ability to offer live video consultations, flexible messaging, and cross-team communication. In May 2020, the company launched TeleTails Instant in response to the Covid-19 pandemic to make veterinary services available at no cost during the crisis.
 
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TeleTails

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 Based in the UK, PawSquad provides on-demand veterinary telehealth services through video consultations and online chats. Pet owners can instantly access veterinary practitioners without pre-scheduling. The company also offers home visits on request. Advice from general practitioners is priced at around USD 26 per visit, while specialist consultations are priced at around USD 62 per visit. PawSquad provides specialist services in dermatology and plans to introduce other areas, such as endocrinology, behavior, gastroenterology, and oncology in the future. As of February 2021, the company operated more than 1,500 clinics across 12 countries in Europe and had an employee base of more than 22,000, including 6,0000 veterinary professionals.
 
 
 In March 2021, was acquired by UK-based veterinary service provider IVC Evidensia, that operates across Europe, for an undisclosed amount. IVC Evidensia operated more than 1,500 clinics across 12 countries in Europe as of February 2021. The company also has an employee base of more than 22,000, including 6,0000 veterinary professionals.The acquisition will allow PawSquad to expand geographically while also providing pet owners accessibility to IVC Evidendsia’s veterinary professionals through PawSquad’s telehealth platform. 
 
 
 
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PawSquad

Offers digital platforms, such as veterinary telehealth services, to support the wellness of pets

Uses IoT technology to remotely monitor and interact with pets

AI and ML technologies enable pet owners to monitor and improve pet care

Startups that offer innovative insurance solutions via digital platforms specialized for pet insurance coverage.

Lemonade

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