Insurance Company Lemonade Tops $57 Million in Revenue in 2018

Artificial intelligence-based online insurer Lemonade Inc. ended 2018 with more than $57 million in sales, the company announced Thursday. The company offers property and casualty insurance policies at a flat monthly rate.

In December of 2017, Lemonade insured 100,000 homes, but by December of the following year, the company insured 425,000 homes, equating to $50 billion in total insured value, according to company statements. Founded in 2015, the company has offices in both the U.S. and Tel Aviv and employs 125 people, according to company statements. Lemonade has raised $180 million to date from investors including Softbank and Sequoia Capital Partners.

Lemonade is a for-profit corporation, but the company donates a portion of its unclaimed money to charities selected by its clients.