Lemonade

Lemonade

insurtech | online first insurance
website linkedin address
  • FOUNDING YEAR: 2015
    LOCATION:
    United States
    REGION:
    New York
    Last Update:
    14 Feb, 2020

Description

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.
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:
Lemonade offers a web-and-mobile-based P2P insurance platform for home, condo, and renters insurance.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
Homeowners and renters.
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.
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

PEOPLE


FOUNDERS:
Daniel Schreiber, Shai Wininger
Board Members and Advisors:
Tom Hutton, Joel Cutler, Haim Sadger
NUMBER OF EMPLOYEES:
51-200
INVESTORS:
Sequoia Capital, General Catalyst Partners, Thrive Capital, GV (Google Ventures), Expansion Venture Capital, Aleph Venture Capital, XL Innovate, Tusk Ventures, Allianz, and SoftBank.
KEY EMPLOYEES:
Daniel Schreiber (CEO); Ty Sagalow (CIO)
FOUNDERS:
Daniel Schreiber, Shai Wininger
NUMBER OF EMPLOYEES:
1-10
KEY EMPLOYEES:
CEO: Daniel Schreiber

TRACTION


VALUATION / MARKET CAP:
$2 Billions 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:
Viewable by subscribers only
ACTIVE USERS COMMENT:
The company has more than 300k customers on the platform. (Feb. 2019)
COMMENT:
The company is planning to expand to Europe and other states of the US. (Apr. 2019)
LIVE USERS/TRANSACTIONS:
Viewable by subscribers only

MOMENTUM


FUNDED:
YES
TOTAL FUNDING:
$480 Millions
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 Million
SEED CLOSED ON:
Dec 2015
FUNDING SERIES:
SERIES A
$13 Million Closed: Aug 2016
SERIES B
$34 Millions Closed: Dec 2016
SERIES C
$120 Million Closed: Dec 2017
SERIES D
$300 Millions Closed: Jul 2019
LISTED:
NO
COMMENT:
An undisclosed fund was raised in April 2017.
FUNDED:
YES
LISTED:
Viewable by subscribers only

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