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SoftBank leads $120M funding round for Lemonade

Insurance startup Lemonade Inc. has raised $120 million in a series C funding round led by SoftBank Group Corp.

The funds will be used for Lemonade's global expansion in 2018. SoftBank's David Thevenon will join Lemonade's board.

Existing investors such as Aleph, Allianz, General Catalyst, Alphabet Inc.'s Google Ventures, Sequoia Capital, Sound Ventures, Thrive Capital, Tusk Ventures and XL Innovate also participated in the round.

The transaction is expected to close in the first quarter of 2018.