New York based AI powered homeowners and renter's insurance startup Lemonade has raised a $120m funding round led by SoftBank.
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. In addition to digitizing the entire insurance process, Lemonade reduces costs and bureaucracy through giving. 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 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.