Lemonade is a property and casualty insurance company that offers renters and home insurance policies for homes, apartments, co-ops and condos.
Lemonade uses an AI-powered bot to digitize the insurance-buying experience for renters and home owners. Users simply download the app and answer a few questions before getting a quote, which starts at $5/month but can surely go up based on a number of factors, including how much personal property one owns.
Lemonade was founded in 2015 by Daniel Schreiber & Shai Wininger. The company is based in New York, New York.
Lemonade reverses the traditional insurance model. It treats the premiums you pay as if it's your money, not ours. With Lemonade, everything becomes simple and transparent.
Lemonade’s business model differs from that of typical insurance companies; Lemonade keeps a flat 25% fee of a customer’s premium while setting aside the remaining 75% to pay claims and purchase reinsurance. Unclaimed premiums go to a nonprofit of the user’s choosing in an annual “Giveback.”
Lemonade is backed by top-tier investors including Aleph, General Catalyst, GV (formerly Google Ventures), Sequoia Capital, Thrive Capital, XL, SoftBank and others. The company raised has raised a total of $480M funding todate. The most recent funding was raised on Apr 11, 2020, where they cashed $300M in Series D.
Lemonade was valued at more than $2B after its Series D fundraising on Apr 11, 2019. The company filed for IPO on July 01, 2020, where Lemonade raised $319M with $1.6B Pre-IPO valuation.