According to reports, under the original agreement, GC committed to financing up to US$150 million of CAC spend for the 18 months spanning July 2023 through December 2024. The latest development sees the extension of this agreement through December 2025, with an additional $140 million becoming available to Lemonade. Importantly, all other essential terms in the original agreement remain unchanged.
The extension is seen as a strategic move, providing Lemonade with increased certainty and support for its capital-light growth strategy, a fundamental aspect of the company’s multi-year liquidity outlook discussed in the Q3 2023 Letter to Shareholders.
Lemonade’s full stack insurance carriers in the US and the EU aim to streamline processes by replacing brokers and bureaucracy with bots and machine learning, striving for a seamless, paperless experience. As a Certified B-Corp, Lemonade channels unused premiums towards nonprofits chosen by its community during its annual Giveback initiative.
Currently available in the United States, Germany, the Netherlands, France, and the UK, Lemonade continues its global expansion.The news follows on from Lemonade’s announced Board of Director changes at the end of 2023, which saw two new members, Deb Schwartz and Dr. Samer Haj-Yehia, assume their roles immediately.
The new directors succeeded departing members Irina Novoselsky and Silvija Martincevic. Deb Schwartz, the Chief Financial Officer of H1, brings extensive financial leadership experience, having previously served in roles at Cameo and Bustle Digital Group, and with a background as an equity analyst at Goldman Sachs and Credit Suisse. Schwartz holds an MBA from Harvard University and a BA/BS from the University of Pennsylvania.
Speaking about her role on the board, Schwartz said: “I’ve focused much of my career on developing business and financial strategies that drive growth and innovation.”She added: “I look forward to working with Daniel, Shai, and the Lemonade Board and leadership team as the Company continues on its path to profitability.”
