Lemonade amends customer investment deal, lines up up to $290M for growth

Lemonade, Inc.

Investors commit up to $150M through Dec 2024 and $140M through Dec 2025 for sales and marketing.
Investors fund up to 80% of Growth Spend per Reference Cohort; payback via share of Reference Income.
Company pays investors until they achieve 16% IRR; thereafter Company retains all future income.
Agreement carries standard representations, warranties, and covenants; may be terminated per terms.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Lemonade, Inc. entered into Amended and Restated Customer Investment Agreement with GC Customer Value Arranger, LLC, as Arranger on behalf of the Investors valued at up to $150 million from June 28, 2023 through December 31, 2024 and up to $140 million from December (effective 2024-01-08).

Action: entry
Counterparty: GC Customer Value Arranger, LLC, as Arranger on behalf of the Investors
Value: up to $150 million from June 28, 2023 through December 31, 2024 and up to $140 million from December
Effective: 2024-01-08

Exact text from the filing

On January 8, 2024, Lemonade, Inc. (the “Company”) entered into an Amended and Restated Customer Investment Agreement (the “Agreement”), with GC Customer Value Arranger, LLC, as Arranger on behalf of the Investors (the “Investors”).

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Lemonade, Inc. filing history →

Source: SEC EDGAR

accession 0001691421-24-000006

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