Lemonade co-founder and CEO Daniel Schreiber. Photo credit: Kimberly White/Getty Images for TechCrunch, under Creative Commons license

Lemonade, a New York-based insurance startup backed by the likes of SoftBank, Allianz, and Alphabet’s GV, has formally filed with the U.S. Securities and Exchange Commission (SEC) for a public listing. The company’s filing indicates $64 million in revenues in 2019, up roughly 200% from $21 million in 2018. Losses for 2019 and 2018, however, respectively amounted to $108 million and $53 million. Lemonade’s S-1 filing apparently indicates rising revenues and also net losses.

In the first quarter of this year, Lemonade recorded $25 million in revenues, compared to about $10 million in the same quarter last year. As indicated by Lemonade’s filing, the majority of the company’s expenses go towards sales and marketing to court new customers. In 2019, Lemonade spent $89 million on sales and marketing, and $42 million in the year before.

As a private company, Lemonade has raised $480 million in known funding. The company’s most recent financing round was a $300 million Series D led by SoftBank in April of last year. Other investors in Lemonade include the likes of Thrive Capital, General Catalyst, Alphabet’s GV, OurCrowd, G Squared, and insurance giant Allianz.

Lemonade was founded in 2015 by tech veterans Daniel Schreiber and Shai Wininger.