Lemonade has established a nonprofit foundation designed to promote the use of AI, data and software to build socially impactful products and programs globally.
Dubbed The Lemonade Foundation, the organization launches with $20 million in seed funding by way of company shares donated as a founding endowment. Lemonade said its board and shareholders established the organization by unanimous vote.
“We hope this foundation will grow to build exponentially impactful tech,” Daniel Schreiber, Lemonade’s CEO and co-founder, said in prepared remarks.
Lemonade explained that the company’s Giveback program will continue, where it donates a portion of its underwriting profits to nonprofits chosen by its customers. Lemonade is a digital insurer that sells homeowners and renters coverage in the United States and contents and liability insurance in Germany.
Shai Wininger, Lemonade’s COO and co-founder, said in prepared remarks that the company is inviting its engineering, data science and product talent to contribute ideas to the new foundation, with a goal of building “AI-powered technologies that could positively impact the lives of millions.”
He added that Lemonade will take the next year to evaluate proposals submitted to the foundation.
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 company said.
Source: Lemonade