ADDING MULTIMEDIA Lemonade Announces a $20M Foundation to Drive Social Impact Through Tech
NEW YORK--(BUSINESS WIRE)--Mar 3, 2020--
Lemonade, the insurance company powered by artificial intelligence and behavioral economics, today announced the formation of The Lemonade Foundation, a nonprofit organized under IRC section 501(c)(4).
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Lemonade, Inc., a for-profit Public Benefit Corporation, by unanimous vote of its board and shareholders, has donated shares valued at over $20 million as a founding endowment to The Lemonade Foundation. This is in addition to the company’s embedded Giveback program, in which it donates a portion of its underwriting profits to nonprofits chosen by its customers.
“Nonprofits have been our partners since day one, with our Giveback program aimed at ensuring a meaningful portion of our profits goes to causes cherished by our users,” said Daniel Schreiber, CEO and cofounder, Lemonade. “The Lemonade Foundation ensures nonprofits gain not only from our revenue growth, but also from the enterprise value such growth creates. We hope this foundation will grow to build exponentially-impactful tech.”
The Lemonade Foundation will be dedicated to harnessing AI, data, and software to build socially impactful products and programs in the real world.
“We aim to make a dramatically greater impact than simply giving away money,” said Shai Wininger, COO and cofounder, Lemonade. “By inviting our engineering, data science, and product talent to contribute to the Foundation, we hope to build AI-powered technologies that could positively impact the lives of millions. We’ll take the next 12 months to evaluate the proposals coming from our community, and explore ways to harness the talent and goodwill of all Team Lemonade to this meaningful mission.”
While The Lemonade Foundation was founded and funded by Lemonade, Inc., and Lemonade’s founders currently serve as its directors, the Foundation has been set up as an independent legal entity, and is not owned or controlled by Lemonade or its shareholders. The Lemonade Foundation can be found at www.lemonade.org.
Lemonade offers homeowners and renters insurance in the United States, and contents and liability insurance in Germany, through its full-stack insurance carriers. Powered by artificial intelligence and behavioral economics, Lemonade replaces brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives underwriting profits to nonprofits selected by its community during its annual Giveback.
Lemonade is currently available in most of the United States, and in Germany, and continues to expand globally.
Stay in touch at @lemonade_inc
About The Lemonade Foundation
The Lemonade Foundation is a nonprofit founded and funded by Lemonade. The Lemonade Foundation is dedicated to harnessing AI, data and software for real impact in the real world. More information can be found at www.lemonade.org.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200303005124/en/
CONTACT: Lisa Horton
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY MOBILE/WIRELESS INSURANCE OTHER TECHNOLOGY PROFESSIONAL SERVICES PHILANTHROPY SOFTWARE FOUNDATION DATA MANAGEMENT
SOURCE: The Lemonade Foundation
Copyright Business Wire 2020.
PUB: 03/03/2020 12:52 PM/DISC: 03/03/2020 12:52 PM