Following WeWork, SoftBank-Backed Lemonade Shelves Planned IPO, Report Says

SoftBank Group-backed online insurance company Lemonade Inc. is postponing its planned initial public offering, Business Insider reported Wednesday. Calcalist first reported Lemonade’s plans to go public in June.

Lemonade is the second SoftBank-backed company to shelve its IPO plans in the past few months, following WeWork’s disastrous attempt.  

Founded in 2015 by Israel-born Shai Wininger and Daniel Schreiber, Lemonade offers an alternative insurance model of customizable property and casualty insurance policies at a flat monthly rate in the U.S. In April, Lemonade raised a $300 million round led by SoftBank, bringing its total funding to date to $480 million.

A Lemonade spokesperson said the company does not respond to rumors.