Lemonade
Also a provider — view Lemonade’s profile →“Can an AI-native carrier own the full insurance stack — underwriting, claims, and distribution — across every personal lines category and geography?”
Founded2015
HQNew York, NY, USA
FoundersDaniel Schreiber, Shai Wininger
Total raised$480M+
Latest roundIPO, July 2020 (NYSE: LMND)
IndustryFintech / Insurtech
The story
Founded in 2015 as a peer-to-peer inspired insurtech, Lemonade quickly pivoted to a flat-fee carrier model where it underwrites its own policies and donates unclaimed premiums to charity (the 'Giveback'). It expanded from renters/homeowners to pet, life, and car insurance, and from the US to Europe (Netherlands, Germany, France, UK). The 2022 Metromile acquisition was its largest strategic move, adding pay-per-mile car insurance and a telematics platform. By 2026, Lemonade is positioning AI-powered underwriting and autonomous driving discounts as core differentiators.
Product timeline
2015
Founded by Daniel Schreiber and Shai Wininger (co-founder of Fiverr) with $13M seed from Sequoia Capital.· pivot
2016
Launched renters and homeowners insurance in New York, becoming one of the first AI-native insurers to underwrite its own policies.· banking
2017
Raised $120M Series C led by SoftBank; expanded nationwide across the US.· pivot
2019
Launched in Europe (Germany), marking first international expansion.· banking
2020
IPO on NYSE under ticker LMND, raising ~$319M.· ipo
2021
Launched pet insurance and term life insurance, diversifying beyond property/casualty.· banking
2022
Acquired Metromile (pay-per-mile car insurer) for ~$500M in stock, entering the US car insurance market.· acquisition
2026
Launched Autonomous Car Insurance product offering Tesla owners 50% off miles driven with Full Self-Driving, available in five states.· banking
Acquisitions
Regulated entities
6
regulatory licences held by Lemonade
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
1 layer disclosed in Lemonade’s embedded-finance stack
Insurance
Lemonade Insurance Company (in-house)Lemonade Insurance N.V. (in-house)Banner LifeHomesite GroupHome State County Mutual Insurance Company
Accounting gap: none