Lemonade Announces $120 Million in Funding Led by the SoftBank Group
Lemonade Inc., the insurance company powered by artificial intelligence and behavioral economics, today announced the signing of a $120 million Series C funding round led by the SoftBank Group (“SoftBank”), with participation from existing investors. Lemonade plans to use the funds to accelerate its global expansion in 2018.
Founded by tech veterans Shai Wininger and Daniel Schreiber, Lemonade is a technology company that is also licensed as a full-stack property and casualty insurance carrier. The company began offering homeowners and renters insurance in New York in late 2016, and is now licensed by 25 states, home to two-thirds of the US population.
“The insurance brands we know today came of age in the era of the horse-drawn carriage,” said Daniel Schreiber, CEO & Co-Founder, Lemonade. “But insurance is best when powered by AI and behavioral economics, which is why we believe that companies built from scratch, on a digital substrate and with a social mission, will enjoy a structural advantage for decades to come.”
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 Shai Wininger, President & Co-Founder, Lemonade. “We share SoftBank’s conviction that big data and machine learning are set to profoundly remake our entire industry, and SoftBank has the vision and means to enable this common vision to become a reality.”
SoftBank joins prior investors Aleph, Allianz, General Catalyst, GV (Google Ventures), Sequoia Capital, Sound Ventures, Thrive Capital, Tusk Ventures, and XL Innovate. The SoftBank Group’s David Thevenon will join Lemonade’s board.
“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.
Lemonade Insurance Company is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. By replacing brokers and bureaucracy with bots and machine learning, Lemonade aims for zero paperwork and instant everything. As a Certified B-Corp, where underwriting profits go to nonprofits, Lemonade is remaking insurance as a social good, rather than a necessary evil. Lemonade 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.
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
TRIGO Deepens its Expansion into the USA by Acquiring Lumbee Enterprises23.7.2018 16:00 | Tiedote
TRIGO has acquired 100% of the capital of Lumbee Enterprises based in Greer, SC. This acquisition allows TRIGO to deepen its expansion into the USA within the automotive industry. Lumbee began providing supply chain and logistics services over 25 years ago and it’s TRIGO’s intent to leverage Lumbee’s proven expertise to further expand its business. Lumbee is best known for its expertise in Quality Manufacturing, Sorting, Inspection and Sub-Assembly Operations, specializing in providing best-in-class inspection and rework services to keep OEM assembly lines running seamlessly and without interruption. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180723005040/en/ Co-founded by Colby Griffin in 2001, LUMBEE Enterprises of South Carolina has focused on providing quality management services to shorten supply chain interruptions through the innovative use of technology and processes. “This acquisition is a great opportunity for
STATS Taps Dr. Helen Sun, Former CTO of JPMorgan Chase Commercial Banking Division, to Lead STATS’ Technology Operations23.7.2018 14:00 | Tiedote
Today, STATS, the worldwide leader in sports data and intelligence, expanded its executive roster with the introduction of Dr. Helen Sun as Chief Technology Officer. Sun will oversee STATS’ product, engineering, artificial intelligence and data production teams in developing the next generation of products and services that will revolutionize the performance and experience of sports. Sun joins STATS from JPMorgan Chase, most recently serving as Chief Technology Officer of the Commercial Banking division. For over 22 years, Sun has a proven record as a technology strategist and thought leader in previous roles as Vice President of Cloud Computing, Information Management, and Architecture at Motorola Solutions; Senior Director of Global Enterprise Architecture at Salesforce; and Director of Enterprise Architecture at Oracle. “Helen is a leader in transforming businesses through innovative solutions and she will be a driving force in building upon our reputation as the leading sports tech
IBC2018 Enhances Conference Programme with Keynote Sessions from Amazon, Viacom and Wonderhood Studios23.7.2018 13:57 | Tiedote
IBC2018, the world’s most influential media, entertainment and technology show, today announces three new Keynote speakers from globally renowned media and entertainment powerhouses. The addition of executives from Amazon, Viacom and Wonderhood Studios adds to the big-name line up of thought provoking and informative sessions and speakers already announced by IBC. Taking to the stage on the first day of the conference, Thursday 13 September, to deliver the Trailblazer Keynote session entitled ‘Give Your Vision a Voice’ is Max Amordeluso, EU Lead Evangelist Amazon Alexa, Amazon. As voice assistants such as Amazon Alexa are transforming the way audiences discover content and control devices, Amordeluso’s must-attend presentation will explore a variety of avenues, including: how to build a voice strategy with Alexa; why voice experiences are now a crucial part of any multi-platform content business; how to implement an engaging voice strategy for content products and generate new revenues
SIGOS: Digital Experience - 120 mobile network operators from 60 countries meet in Nuremberg23.7.2018 13:06 | Tiedote
For more than 10 years, SIGOS has been inviting mobile network operators from all over the world to the annual telecommunications conference. After venues such as Düsseldorf, Berlin, Munich, Beijing, Kuala Lumpur, etc., this year's multi-day conference took place at the Nuremberg convention centre. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180723005282/en/ SIGOS conference panel discussion - photo: www.uwe-niklas.com Over 120 network operators and telecommunications companies from over 60 countries worldwide came together to talk about the latest innovations in areas such as network quality, performance, 5G, IoT, roaming, and telecommunications fraud detection solutions. Dr. Ulrich Maly, Lord Mayor of the City of Nuremberg, welcomed the international audience in his opening speech and explained:"...when we talk about mobile communication, then we talk about people and their needs that are and should be the focus of atte
AURAK Enters into a Memorandum of Understanding with Al-Farabi Kazakh National University22.7.2018 12:52 | Tiedote
The American University of Ras Al Khaimah (AURAK) President, Professor Hassan Hamdan Al Alkim, and the Al-Farabi Kazakh National University (KazNU) Rector, Professor Galimkair Mutanov, of the Republic of Kazakhstan, signed a Memorandum of Understanding (MoU), agreeing to exchange students, faculty, and research. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180722005025/en/ The Al-Farabi Kazakh National University (KazNU) Rector, Professor Galimkair Mutanov, of the Republic of Kazakhstan and the American University of Ras Al Khaimah (AURAK) President, Professor Hassan Hamdan Al Alkim, exchange a gift to commemorate their universities uniting in an MoU agreement. (Photo: AETOSWire) In the spirit of fostering a close international relationship between the Republic of Kazakhstan and the United Arab Emirates, developing bilateral relations in educational and scientific fields, and wishing to make their own contributions to the
Philip Morris International Announces Non-Executive Board Chairman Louis Camilleri to Assume CEO Role at Ferrari S.p.A.21.7.2018 21:19 | Tiedote
The board of directors of Philip Morris International (NYSE:PM) has its board member, Sergio Marchionne, and his family in our thoughts and prayers during this challenging time. We congratulate our board chairman, Louis Camilleri, as he assumes the role of CEO of Ferrari S.p.A. The long term relationship between our two companies is deep and meaningful and we look forward to continued business collaboration. Mr. Camilleri will continue to serve as non-executive chairman of the PMI board. Philip Morris International: Who We Are We are a leading international tobacco company engaged in the manufacture and sale of cigarettes and other nicotine-containing products in markets outside the United States of America. We’re building our future on smoke-free products. Through multidisciplinary capabilities in product development, state-of-the-art facilities and scientific substantiation, we aim to ensure that our smoke-free products meet adult consumer preferences and rigorous regulatory requirem
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme