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The announcement follows reports that Root has filed a lawsuit against Embedded related to the violation of a non-disclosure agreement.
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VC General Catalyst will finance up to 80% of Lemonade’s customer acquisition costs (CAC) and receive a “synthetic commission” of up to 16% of the premiums.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The suit is related to the violation of a non-disclosure agreement between the parties.
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The funding round was led by Caffeinated Capital, with participation from Emergence Capital and Pear VC.
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The ratings downgrade follows the departure of former CEO Marty Young and a round of layoffs in April.
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The latest round brings its total capital raised to date to $11mn.
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Bruce Lucas added that the company is no longer pursuing a Series B round.
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“Tomorrow will be a better day.” “Next year will be a better year.” “The coming decade will be when this industry realizes its true potential.” We hear the same for most public enterprises.
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There has been no official response from Root, but Inside P&C took a look at the company reportedly making the takeover bid, Embedded Insurance.
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The platform will connect MGAs with capacity from a wide range of providers.
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The credit facility builds on the funding Slide secured in its $105mn venture-backed Series A round, which closed in November 2021.