Lemonade Announces $120 Million in Funding Led by the SoftBank Group
Insurance Company Powered by AI and Behavioral Economics Readies For Global Expansion
Founded by tech veterans
“The insurance brands we know today came of age in the era of the horse-drawn carriage,” said
In addition to digitizing the entire insurance process, Lemonade reduces costs and bureaucracy through giving. In a reversal of the traditional insurance model, Lemonade takes a flat fee and donates a portion of unclaimed premium dollars to nonprofits during its annual 'Giveback’. In its first year in market, Lemonade gave back over 10% of its revenues, set a world record when it paid a claim in 3 seconds, launched insurance as an API, and used AI to offer the first insurance policies with ‘Zero Everything’: zero deductible, zero rate hikes, zero depreciation.
“SoftBank is an ideal partner for us and we are thrilled to have them on board,” said
SoftBank joins prior investors Aleph, Allianz, General Catalyst, GV (
“By combining big data and AI with a seamless user experience, Lemonade is truly revolutionizing the insurance industry,” said David Thevenon, a senior investment professional within the SoftBank Group. “We have been impressed by the team’s creative approach to disrupting the traditional insurance model with innovations like Zero Everything policies and Giveback, and we look forward to supporting the company’s rapid growth.”
The transaction is expected to close in Q1 2018, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.
About Lemonade
Stay in touch at http://www.lemonade.com, @lemonade_inc or http://www.facebook.com/lemonade.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171219005232/en/
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