Fintech insurer Lemonade is valued at more than $2 billion after a $300 million funding deal by KristinStoller
Launched in 2016, the startup’s mobile and online platform offers some of the lowest prices in the insurance world, starting at $5 a month for renters insurance and $25 a month for homeowners insurance. Founded by Daniel Schreiber and Shai Wininger, the company currently operates in 22 states, plus Washington, D.C.
With the new funding, the company plans to expand to Europe, as well as to other U.S. states. Though primarily based in New York and Tel Aviv, Schreiber says the company has already set up a European headquarters in Amsterdam. Allianz, General Catalyst, GV, OurCrowd and Thrive Capital also participated in the current funding round.
“We’re not looking to create a small technology vendor or something else in this space,” Schreiber says. “We are looking to create a dominant and technologically-enabled insurance company on a global basis.” Lemonade is well-known for its speed, issuing policies and paying claims in a matter of minutes using artificial intelligence. The startup’s unique business model aims to eliminate the conflict of interest between the insurer and the insured. It discourages dishonest claims by donating excess money to a charity of the customers’ choosing.
The company has more than 300,000 customers and saw $57 million in sales in 2018, with more than $162,135 given to charity.I'm a wealth reporter at Forbes. Before joining Forbes, I reported for the Hartford Courant and the New Haven Register, covering breaking and local news. A Connecticut n...
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