Lemonade, a New York-based renters and homeowners apartment insurance startup, raised $34m in Series B funding.
The round was led by General Catalyst with participation from GV (formerly Google Ventures), Thrive Capital and Tusk Ventures, as well as existing investors Aleph, Sequoia, and XL Innovate.
The company, which intends to use the funds to continue to expand operations in 2017, was licensed as an insurance carrier in the State of New York on September 15th, 2016 and filed for a license in California within hours. The company plans a broad expansion
Led by Daniel Schreiber, CEO, and Chief Behavioral Officer Professor Dan Ariely, Lemonade is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. The platform uses bots to deliver insurance to consumers through its app and at lemonade.com. Consumers can chat with the AI to file claims too, and the bot is authorized to pay claims instantly and without human intervention.
As a B-Corp certification, the company gives back unclaimed money to causes policyholders care about.