Lemonade, a US-based startup licensed as a full-stack property and casualty insurance carrier, has raised $300m from a Series D funding led by SoftBank. The funds will be used to fuel the global expansion of Lemonade's AI-powered insurance platform.
Lemonade was founded by Daniel Schreiber and Shai Wininger and began offering homeowners and renters insurance in New York in late-2016. The firm has since grown to cover most of the US population and uses AI and behavioral economics to digitize the insurance process.
The company's technology aims to replace brokers with bots that utilize ML and collect data to generate predictive data. According to the company, its data collection abilities far outstrip that of traditional carriers, and its AI capabilities help to eliminate paperwork and speed up the process for customers.
Lemonade CEO Daniel Schreiber said: "Looking forward, we aspire to create the 21st century incarnation of the successful insurance company: A loved global brand that can endure for generations; an organization built on a digital substrate, enabling ever faster and more efficient operations, and ever more delighted consumers."
The company has plans in place to launch in Europe, as well as enhancing the roll out of new product lines.
Allianz, General Catalyst, GV (formerly Google Ventures), OurCrowd and Thrive Capital all joined SoftBank on the financing round, bringing the total funding amount raised by Lemonade to date to $480m.