First, Fire All The Brokers: How Lemonade, A Millennial-Loved Fintech Unicorn, Is Disrupting The Insurance Business

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Two industry outsiders are using AI and do-good marketing to make the centuries-old property insurance business Millennial-friendly—and make themselves rich in the process

n the summer of 2017, a Los Angeles man in his mid-20s put on a necklace, blond wig and makeup and made a cellphone video describing how his camera and other electronics had been stolen. He submitted the video to his renters insurance provider,, which paid the $677 claim in two days. Three months later, dressed in jeans and a T-shirt and using a different name, email address and phone number, the same man submitted a video claim for a stolen $5,000 camera.

Lemonade cofounder, COO and President Shai Wininger previously started four other businesses, including Fiverr, an Israel-based global marketplace for freelance work. But he wanted another go at his own startup and kept looking for a big idea. By 2015, he had concluded that insurance was ripe for tech disruption because, he says, “every person in the nation, in the world, needs insurance,’’ and yet many distrust traditional insurers. A VC introduced Schrei­ber to Wininger, a self-taught Israeli coding and design whiz who had already cofounded four businesses, including Fiverr, an Israel-based marketplace for freelance work.

Still, becoming a real, regulated insurance carrier meant Lemonade needed more time to launch and more capital to grow. So far, the capital has flowed—and from some big names. Through 2017, Lemonade raised $180 million in four rounds. In 2019, it raised $300 million, led by billionaire Masayoshi Son’s SoftBank with participation from GV , Josh Kushner’s Thrive Capital, German insurer Allianz, General Catalyst and OurCrowd.

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Totally thought that was Mark Ruffalo for a second..

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