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
Schneider Electric Selects DSI for a Full Mobile Work Order Solution24.4.2018 11:21 | Tiedote
DSI announced today that Schneider Electric has selected DSI to mobilize their services organization with a mobile work order and inventory solution fully integrated into NetSuite. The Solar Business of Schneider Electric is focused on designing and developing products and solutions for the solar power conversion chain and providing best-in-class global customer services and technical support. As the solar market goes through a rapid wave of consolidations, Schneider Electric is one of the few companies that remains committed in its efforts to provide spare parts, service and technical support over the 20+ year life of a solar installation. To maintain their position as an industry leader, Schneider sought a mobile service application with on and offline capabilities to operate across their global network of engineers. They needed a solution to allow supervisors to schedule and assign service orders to the most appropriate resources and for engineers to have full visibility of customer
Vertex Announces Partnership and Integration with SAP® Ariba® to Support Global Tax Functionality24.4.2018 10:53 | Tiedote
Vertex, Inc., a leading provider of tax technology solutions, announced its partnership with SAP® Ariba®, including the availability of an integration between its indirect tax solutions and SAP Ariba applications. Vertex is among the first to offer an extension leveraging an SAP Ariba API to enable companies to obtain tax calculations from within SAP Ariba solutions, supporting the requisition and invoice reconciliation phases of the tax process. “As businesses strive to manage the impact of digital transformation and increased tax complexity, Vertex has prioritized developing integrations that serve the global tax community’s needs on the tools they already use. This partnership with SAP Ariba will drive users’ success by providing enterprise-ready tax functionality,” said Paul Beirnes, managing director of partner development at Vertex. SAP Ariba solutions integrate the entire buying process across an organization. These solutions connect to millions of suppliers across direct and in
Sofinnova Partners Leads EryDel’s €26.5 Million Financing24.4.2018 09:00 | Tiedote
Sofinnova Partners, a leading European venture capital firm specialized in Life Sciences, announced today it has led EryDel’s €26.5 M financing. The Italian biotech company, which specializes in drug delivery through red blood cells, will be using funds to boost its international development and to complete the ATTEST trial - a registrational Phase III clinical trial currently enrolling in Europe, Asia, Australia and in the United States. Next to Sofinnova Partners, existing shareholder Genextra SpA and Innogest SGR also participated to the investment. Based in Milan (Italy), EryDel develops an innovative red-blood-cell-based drug delivery device for the treatment of rare neurodegenerative diseases. Its proprietary technology relies upon the encapsulation of drugs into red cells taken from the patient’s own blood which are then re-infused into the patient. The company is led by Luca Benatti, CEO, a serial entrepreneur who previously co-founded Newron Pharmaceuticals (NWRN). EryDel’s le
Culture Trip Raises $80M in Large Series B Funding Round24.4.2018 08:05 | Tiedote
Culture Trip, the fast-growing startup providing cultural and travel inspiration to users looking to explore the world, today announced $80M in funding. This large series B investment further demonstrates that Silicon Valley-sized startup deals are continuing in Europe. Led by PPF Group, the round is being used to aggressively propel the business forward across all areas, including an immediate bolstering of its executive team with key hires joining from leading tech companies, and a product redesign launching today. Off the back of the raise, Culture Trip will also use the funds to significantly expand its engineering and creative workforce around the world to fuel innovation, drive further audience growth and roll out various monetisation strategies. “I started Culture Trip with the ambition of applying my long-standing passion for global culture and creativity to building a tech company that could innovate in this space,” said Dr. Kris Naudts, Founder and CEO of Culture Trip. “With
First-Quarter Figures: Sartorius Starts off Fiscal 2018 Successfully24.4.2018 08:00 | Tiedote
Sartorius, a leading international partner of the biopharmaceutical industry and the research sector, looks back on a successful first quarter 2018. "Both divisions started off the year strongly in line with our expectations and further increased their revenues in the first quarter of 2018 in all regions. On the currency side, however, we faced some headwinds, especially due to the weakness of the U.S. dollar against the euro, which dampened our profit growth. Order intake developed at an encouragingly strong level for both divisions so we look optimistically to the months ahead and confirm our full-year forecast," said CEO Dr. Joachim Kreuzburg. Business development of the Sartorius Group In the first quarter of 2018, Sartorius increased its sales revenue by 11.4% (reported: 6.3%) in constant currencies to 364.9 million euros, with acquisitions contributing around 4.5 percentage points to this growth. Order intake for the same period rose 12.4%. Regionally, Asia|Pacific recorded the s
The Digital Classroom: Gemalto Helps Casio to Bring Education into the 21st Century24.4.2018 08:00 | Tiedote
Gemalto, the world leader in digital security, can today reveal that it has partnered with Casio, one of the world’s leading manufacturers of consumer electronics products and business equipment solutions, to enable Casio to seamlessly bring digital education into the classroom and beyond. This move will help Casio continue its leadership in classroom technology, fuelled by trends including increased use of connected devices, remote learning and the gamification of education, at the same time maximising revenues and streamlining business operations. With the implementation of Gemalto Sentinel Entitlement Management System (EMS) and software license Rights Management System (RMS) solutions, Casio will have an enhanced understanding of how their software features are being used in the classroom. Founded in 1957, Casio released the world’s first personal calculator and has gone on to produce a variety of products including calculators, watches, electronic dictionaries, electronic musical
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