Lemonade Launches in Germany
539 days after Lemonade officially announced its global expansion plans, customers in Germany (a place where lemonade isn’t really lemonade) can now purchase contents insurance or contents insurance with a liability package starting from 2€/4€ respectively.
— Coverager® (@coverager) June 11, 2019
With around 16m millennials living in the country and a low homeownership rate, Germany is an obvious choice for Lemonade; more obvious than launching in Idaho.
With this launch, Lemonade is officially a Wefox competitor featuring a lower price point compared to wefox’s digital insurer ONE .
In March, wefox raised $125m in a Series B round, bringing its total funding to date to $158.5m. And according to this LinkedIn post, the company is already planning to raise “the largest Series C round in 2020.” In the funding announcement, wefox shared that revenue grew to around $40m while serving more than 1,500 brokers and over 400k customers, “making it Europe’s number one insurtech platform.” However, ONE, its digital insurance platform isn’t living up to its full digital potential – the website attracted less than 10k visitors last month, and judging by iOS and Android reviews (several reviews are by wefox employees: here and here), the ONE app doesn’t seem to be very popular.