Lemonade Insurance Co., the AI-driven rental and property insurance startup, has raised $300 million in Series D funding led by Softbank Group to accelerate its U.S. and European expansion and explore new product lines.

Allianz, General Catalyst, GV (former Google Ventures), OurCrowd and Thrive Capital participated in the funding round, according to a press release.

The company, which launched in 2016 in New York, is currently licensed as a full-stack property and casualty insurance firm.

"We’ve watched Lemonade transform insurance using big data and AI, reaching half a million homes in a little over two years — a shockingly rapid pace," Shu Nyatta, a Lemonade board member and senior investment professional within Softbank, said in the announcement. "And we’re confident the best is yet to come. The value Lemonade provides, together with the values baked into its model, are fast making it one of the most intriguing, differentiated and compelling brands."

Lemonade was founded by CEO Daniel Schrieber, a former Powermat and SanDisk executive, and Shai Wininger, the former founder of FiveRR. The company takes a fixed percentage of insurance premiums as a flat fee and donates a percentage of unclaimed premiums to charity, the release said.