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Root Insurance Closes $51 Million Investment to Expand Customized Auto Insurance | Business Wire


COLUMBUS, Ohio–(BUSINESS WIRE)–Root Insurance, the first car insurance company to incorporate

individual driving behavior in every quote, announced today the closing

of a $51-million Series C funding round led by Redpoint Ventures, with

Scale Venture Partners and existing partners Ribbit Capital and Silicon

Valley Bank Capital Partners also participating in the round. The

company will use the new funding to expand into additional states and

continue to invest in technology that significantly improves the

customer experience.

Root is a full-stack automobile insurance company founded on the

principle of fundamental fairness. While most car insurance companies

rely solely on demographic data like age, occupation and credit score to

set rates, Root leverages its proprietary mobile

app to give 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

percent off traditional insurance rates.

“As Root reinvents car insurance, we are excited to have Redpoint and

ScaleVP add to the experience and expertise provided by our current

investors”, said Alex Timm, CEO and Co-Founder of Root. “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.”

Since its launch in Ohio in 2016, Root has expanded to eleven additional

states and is poised to be nearly national by 2019. The company has also

gained national attention for its data-based approach to individualized

insurance pricing and embrace of semi-autonomous driving technology—in

2017, Root became the first insurance company in the nation to offer

a discount for the use of Tesla’s AutoPilot technology.

“Root’s model of using mobile phone data to reward safe driving is fair

to drivers, economically rational, and represents an impressive

technical accomplishment,” said Elliot Geidt, a partner at Redpoint

Ventures who will join Root’s Board of Directors. “Alex and his team

have deep domain knowledge and a bold vision to redefine how auto

insurance works. I am thrilled to partner with the Root team and look

forward to their next phase of growth.”

About Root:
Root Insurance is the nation’s first licensed

insurance carrier powered entirely by mobile and founded on the

principle of fundamental fairness. Root offers personalized car

insurance that gives good drivers the rates they deserve, managed

seamlessly through a mobile app.

Root uses smartphone technology and data science to understand actual

driving behavior, the primary factor in determining personal automobile

insurance rates.

Root is headquartered in Columbus, Ohio and is backed by the largest

reinsurance companies in the world, including Maiden Re, Munich Re and

Odyssey Re. Currently, Root is available to drivers in Arizona, Indiana,

Illinois, Kentucky, Louisiana, Mississippi, Montana, Ohio, Oklahoma,

Pennsylvania, Texas, and Utah, and will be coming to more states soon.

For more information, visit http://www.joinroot.com

and get the rate you deserve by downloading the app.

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