The Lemonade Foundation is dedicated to building socially-impactful technology

NYC-based home and renters insurer Lemonade announced the formation of a nonprofit organization Lemonade Foundation that will be dedicated to “harnessing AI, data, and software” to build socially impactful products and programs in the real world.

Lemonade has also 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. 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.” – Daniel Schreiber, CEO and cofounder, Lemonade.

“We aim to make a dramatically greater impact than simply giving away money. 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.” – Shai Wininger, COO and cofounder, Lemonade.

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.