Lemonade Adds 5% On Deal With General Catalyst For Synthetic Agents Program

(RTTNews) - Shares of insurance firm Lemonade, Inc. (LMND) are rising more than 5% Thursday morning after the company said it has entered into a Synthetic Agents program by partnering with General Catalyst (GC), a leading venture firm and an early investor in Lemonade.

Under the program, to be commenced on July 1, General Catalyst will finance up to 80% of all Lemonade's Customer Acquisition Cost (CAC), and in return will receive a synthetic 'commission' of up to 16%.

"We believe Lemonade's Synthetic Agents program gives Lemonade a balance sheet to invest in growth, so it can preserve its own capital for investments in its amazing technology and people," said Pranav Singhvi, Managing Director, General Catalyst, and architect of the Customer Value strategy.

LMND, currently at $17.73, has traded in the range of $10.28 - $32.97 in the last 52 weeks.