Lemonade
insurtech . online first insurance
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About
Lemonade is a P2P, technology-first and legacy-free insurance carrier. The startup has raised $13 million in initial funding and attracted a line-up of reinsurance partners, including Berkshire Hathaway's National Indemnity and leading Lloyd’s of London syndicates.
Lemonade is a fully licensed insurance carrier offering insurance policies in property and casualty insurance market. The P2P insurance platform leverages artificial intelligence and behavioral economics to offer home, condo and renters insurance carrier for residents of California, New York, and Illinois. It enables users to interact with a chatbot to provide information about their coverage needs, location, and property details, and Lemonade uses artificial intelligence to create a personalized policy for each user. The company is currently available in eight US states, including California, Illinois, New Jersey, New York, and Texas; licensed in 17 more states and looks to expand globally. Recently, Lemonade was selected for the 2019 Forbes FinTech 50 startups list.
Focus
PRODUCTS & SERVICES
Lemonade offers a web-and-mobile-based P2P insurance platform for home, condo, and renters insurance.
REVENUE MODEL
The company follows a monthly-based subscription revenue model. It starts from $5 for renters insurance and $25 for homeowners insurance.
MAIN CLIENTS
Homeowners and renters.
PRIMARY PROBLEM SOLVED
The inherent conflict- the moral hazard- at the heart of the insurance industry.
COMMENT
The platform uses artificial intelligence technology to provide personalized policies and helps in the claim process for plan holders. Lemonade offers public API that provides access to businesses like real estate companies, mortgage originators, e-commerce sites, and lifestyle brands to offer Lemonade policies through their apps or websites. The API supports easy quoting, policy creation, and payment for homeowners, condo, and renters insurance policies.
Traction
VALUATION / MARKET CAP:
$2 B in 2019
VALUATION COMMENT:
Third-party data news sources reported that the company's valuation is more than $2.billion. (Apr. 2019)
REVENUE
$5.0M - $9.99M in 2017
REVENUE COMMENT:
The company had a revenue of $9.82Million in 2017
ACTIVE USERS COMMENT:
The company has more than 300k customers on the platform. (Feb. 2019)
TRACTION COMMENT:
The company is planning to expand to Europe and other states of the US. (Apr. 2019)
People
FOUNDERS
Shai Wininger
BOARD MEMBERS AND ADVISORS
Tom Hutton
Joel Cutler
Haim Sadger
NUMBER OF EMPLOYEES
201-500
INVESTORS:
KEY EMPLOYEES:
Daniel Schreiber (CEO); Ty Sagalow (CIO)
Momentum
FUNDED
YES
TOTAL FUNDING
$480 M
DATE OF LAST FUNDING
Jul 2019
TOTAL FUNDING COMMENT
The company will use its funds for global expansion and developing new products. (Apr. 2019)
SEED & PRIOR FUNDING
$13 M
SEED CLOSED ON
Dec 2015
FUNDING SERIES
SERIES A · $13 M · Aug 2016
SERIES B · $34 M · Dec 2016
SERIES C · $120 M · Dec 2017
SERIES D · $300 M · Apr 2019
LISTED
NO
COMMENT
An undisclosed fund was raised in April 2017.
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Lemonade
About
Lemonade is a P2P, technology-first and legacy-free insurance carrier. The startup has raised $13 million in initial funding and attracted a line-up of reinsurance partners, including Berkshire Hathaway's National Indemnity and leading Lloyd’s of London syndicates.
Focus
PRODUCTS & SERVICES
Peer to Peer insurance carrier
TOP PROBLEM SOLVED
The inherent conflict- the moral hazard- at the heart of the insurance industry.
PRODUCT DEVELOPMENT STAGE
Operational
Traction
LIVE USERS/TRANSACTIONS:
No live users/transaction yet
People
NUMBER OF EMPLOYEES
1-10
KEY EMPLOYEES:
employee: Daniel Schreiber(CEO);
employee: Daniel Schreiber(CEO);
employee: Daniel Schreiber(CEO);
BOARD MEMBERS AND ADVISORS:
Tom Hutton, Joel Cutler, Haim Sadger
INVESTORS:
Momentum
FUNDED
YES
TOTAL FUNDING:
$60 M
LISTED
NO
FUNDING SERIES
SERIES A · $13 M · Aug 2016
SERIES B · $34 M · Dec 2016