“They’ve come this way billions of times, and their proprietary data and machine learning algorithms can get us through the most time-consuming and costly parts of the journey,” said Daniel Schreiber, CEO of Lemonade. “In a huge and competitive market like auto insurance, today’s deal is tremendous added value for our customers and shareholders.” (Image: Gabby Jones / Bloomberg)

(Bloomberg) – Lemonade Inc. strengthens its emerging auto insurance business by acquiring pay-per-mile insurer Metromile Inc. in its first acquisition.

The deal values ​​San Francisco-based Metromile, which went public earlier this year through a merger with a blank check company, at around $ 500 million, according to a statement Monday. Metromile shareholders will receive 19-to-1 Lemonade common stock, and the transaction is expected to complete by mid-2022.

The SoftBank Group Corp. Backed Lemonade, which went public last year, debuted an auto insurance product called Lemonade Car last week that is currently being sold in Illinois and plans to roll out the offering in other states. The purchase of Metromile is helping New York-based Lemonade build that business while also providing auto claims data and a team that has been in the business for a decade, according to a Lemonade blog post.

“They’ve come this way billions of times, and their proprietary data and machine learning algorithms can get us through the most time-consuming and costly parts of the journey,” said Daniel Schreiber, CEO of Lemonade. “In a huge and competitive market like auto insurance, today’s deal is tremendous value for our customers and shareholders.”

In a telephone interview, Schreiber said that most of Lemonade’s 1.4 million or so customers are car owners and that bundling new car insurance with other businesses would enable the insurer to attract existing and new customers alike. He called it an “enormous symbiotic” opportunity.

At 11:21 a.m., Metromile shares rose 3.3% in New York, while shares of Lemonade fell 12%. Metromile is down 79% and Lemonade is down 49% this year.

Investors like Chamath Palihapitiyas Social Capital have not done well with Metromile over the past few quarters. Social Capital and other investors have pledged to invest $ 160 million in a private purchase of the stock as part of the Blankoscheck corporate merger. Now, Metromile is being sold for a fraction of its $ 1.3 billion equity value from that earlier merger with the special purpose vehicle.

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There have been a number of incidents in the news where curious whites have summoned the powers of the state to deter blacks from everyday activities.

One of the most notorious was “Permit Patty,” a woman who called the police on a young black girl selling bottled water on a San Francisco sidewalk.

Twin entrepreneurs, seven-year-old Kamari and Camera, of Savannah, Georgia, had the legality of their lemonade stand questioned by a white woman on social media after a photo of their new business was posted.

Instead of celebrating two children with an entrepreneurial spirit, she tried to question the viability of her business.

via WSAV

“A lady came in and said, ‘I bet you don’t have a license.’ And other people said, “How do you know that?” And she said, “I seriously doubt it,” said the girls’ father, Quentin Lawyer said.

Lawyer believes the woman’s comment was an example of overt racism.

“I didn’t even comment on them,” he said. “What she tried really did the opposite. It helped us more than it hurt us.”

Instead of closing the store, a family friend helped the twins apply for a business license with the city so they can sell their lemonade without being bothered by law enforcement or nosy whites.

Now their business, Twin Monad, is fully licensed in the city of Savannah and they have added more flavors to their menu. “Our flavors are strawberry-kiwi, blue raspberry, cotton candy, coconut, banana,” said Kamari.

In a matter of days, they made over $ 5,000. “That’s the whole purpose,” said lawyer. “Create generational wealth.”

On June 19th they had a line down the block and it was an hour’s wait for the lemonade.

via CBS

“We talked today about it being Juneteenth and ways to support black businesses,” customer Aimee Baxter told CBS News. “So we thought this was the business we wanted to support today.”

The girls’ mother, Charnise Anderson, hopes this is just the beginning of something much bigger. “It’s really great and we just want to push it forward,” said Anderson.

On a deeper level, it’s a little ridiculous that young children should have to get permission from the state or city to serve a cold glass of lemonade to a thirsty customer. Lemonade has never killed anyone and anyone who comes by for a cold glass understands the risk they are taking.

In rare cases, the brain may momentarily freeze if the lemonade is too cold.

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