Lemonade was founded by Daniel Schreiber (former president of Powermat Technologies) and Shai Wininger (co-founder of Fiverr) in April 2015.[7][8] Schreiber and Wininger were tech entrepreneurs with no insurance background.[4]
In August 2016, the company raised $13 million in funding from XL Innovate (part of XL Group), followed by a $34 million Series B funding round in December 2016.[10] The Series B round was led by General Catalyst with participation from Thrive Capital, Tusk Ventures, and GV (formerly Google Ventures).[11][12]
In May 2016, Lemonade became one of the few insurance companies to receive B-Corporation certification.[13]
In April 2017, the company announced additional investors: Allianz and Ashton Kutcher’s Sound Ventures. In December 2017, Softbank invested an additional $120 million in the company in a Series C round, increasing the total money raised by the company to around $180 million.[14]
In April 2019, Lemonade announced a further $300 million investment in a Series D financing led by SoftBank Group, with participation from Allianz, General Catalyst, GV, OurCrowd, and Thrive Capital, increasing the total money raised by the company to $480 million.[15][16]
In December 2020, it began offering insurance in France.[19][20] It also won a trademark dispute with T-Mobile over the use of the color pink.[21]
In November 2021, the company announced that it would fully acquire Metromile, Inc.[22] The acquisition completed on July 29, 2022, following which Lemonade laid off 20% of Metromile's staff.[23] Metromile has experienced a noticeable premium decline ever since Lemonade completed the acquisition in July 2022. The company ended the first six months of 2023 with $49 million in written premiums, a 15% decrease compared to the same period in 2022. In terms of dollars, the most significant decrease occurred in California, which accounts for over 50% of Metromile’s business. The company saw premiums decline in every state it operates in.
^"Lemonade, Inc. Shareholder Letter Q1 2023" (PDF). Lemonade, Inc.
^ ab"A New York startup shakes up the insurance business". The Economist. March 11, 2017. Archived from the original on January 19, 2021. Retrieved March 15, 2021.
^Chen, I-Chun (June 25, 2020). "Lemonade, insurer that uses bots to replace brokers, plans $286M IPO". American City Business Journals. Archived from the original on May 10, 2022. Retrieved March 15, 2021.
^Aziz, Afdel (March 9, 2020). "The Power Of Purpose: How Lemonade Is Disrupting Insurance With Goodness (And A New Foundation)". Forbes. Archived from the original on May 10, 2022. Retrieved March 15, 2021.
^ abShieber, Jonathan (December 8, 2015). "Sequoia Invests $13 Million In A Seed Round For Lemonade, Which Is Looking To Transform Insurance". TechCrunch. Archived from the original on July 7, 2017. Retrieved August 9, 2017.
^Kauflin, Jeff; Stoller, Kristin (May 31, 2019). "First, Fire All The Brokers: How Lemonade, A Millennial-Loved Fintech Unicorn, Is Disrupting The Insurance Business". Forbes. Archived from the original on February 10, 2021. Retrieved March 15, 2021.
^"Lemonade Closes One of the Largest Seed Rounds in Sequoia's History" (Press release). Business Wire. December 8, 2015. Archived from the original on December 10, 2021. Retrieved March 15, 2021.
^"Lemonade Announces Additional Funding by XL Innovate" (Press release). PR Newswire. August 23, 2016. Archived from the original on March 2, 2021. Retrieved March 15, 2021.
^"Google participates in Lemonade's $34M round". Business Insider. December 7, 2016. Archived from the original on January 31, 2018. Retrieved March 15, 2021.
^Chernova, Yuliya (December 5, 2016). "Insurance Startup Lemonade Raises $34 Million". The Wall Street Journal. Archived from the original on December 30, 2017. Retrieved March 15, 2021.
^Lynn, Jordan (May 19, 2016). "Major disruptor Lemonade in double industry first". Insurance Business. Archived from the original on September 20, 2020. Retrieved March 15, 2021.
^Prang, Allison (December 19, 2017). "SoftBank Leads $120 Million Funding Round for Insurance Startup Lemonade". The Wall Street Journal. Archived from the original on June 18, 2021. Retrieved March 15, 2021.
^MARINOVA, POLINA (April 11, 2019). "Insurance Tech Startup Lemonade Raises $300 Million in Funding: Term Sheet for Thursday, April 11". Fortune. Archived from the original on May 17, 2021. Retrieved March 15, 2021.
^Crook, Jordan (April 11, 2019). "Lemonade picks up $300 million Series D led by SoftBank Group". TechCrunch. Archived from the original on April 14, 2021. Retrieved March 15, 2021.
^"Lemonade Launches in the Netherlands" (Press release). Business Wire. April 2, 2020. Archived from the original on May 10, 2020. Retrieved May 3, 2020.
^"Lemonade Announces Pricing of Initial Public Offering" (Press release). Business Wire. July 1, 2020. Archived from the original on May 10, 2022. Retrieved December 8, 2020.
^Dillet, Romain (December 8, 2020). "Lemonade launches its renters insurance in France". TechCrunch. Archived from the original on December 16, 2020. Retrieved December 16, 2020.
^Chen, I-Chun (December 9, 2020). "Lemonade launches its insurance services in France". American City Business Journals. Archived from the original on December 9, 2020. Retrieved March 15, 2021.
^Chen, I-Chun (December 16, 2020). "Lemonade wins in fight over the color pink against T-Mobile parent Deutsche Telekom". American City Business Journals. Archived from the original on December 19, 2020. Retrieved March 15, 2021.
^"Lemonade To Acquire Metromile". Yahoo. Archived from the original on November 9, 2021. Retrieved November 9, 2021.
^Mary Ann Azevedo (July 29, 2022). "Lemonade closes on acquisition of insurtech Metromile, promptly lays off about 20% of its staff". TechCrunch.