Root Insurance Closes $51 Million Series C Round
Columbus-based car insurer Root announced it has raised $51 million in a Series C round, bringing its total funding to date to $63M . The round was led by Redpoint Ventures. Scale Venture Partners and existing partners Ribbit Capital and Silicon Valley Bank Capital Partners also participated in the round.
Root was launched in 2016 to offer drivers customized quotes “based primarily on actual driving behavior such as hard brakes, aggressive turns, and mileage driven. Because individual driving behavior is the biggest factor in Root’s rating algorithm, good drivers can save significantly – up to 52% off traditional insurance rates.” Coverage is currently available in Arizona, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Ohio, Oklahoma, Pennsylvania, Texas and Utah.
“As Root reinvents car insurance, we are excited to have Redpoint and ScaleVP add to the experience and expertise provided by our current investors. Our technology allows us to give drivers rates based primarily on factors they can actually control, bringing fairness to a broken and antiquated industry. We are leveraging mobile technology and artificial intelligence to reimagine the way insurance works” – CEO and Cofounder of Root, Alex Timm.
Ps. if culture is everything….
