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Root Insurance Raises $100 Million in Series D Funding, Led by Tiger Global Management | Business Wire

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

individual driving behaviour in every quote, announced today $100 million

in Series D funding. This latest round, led by Tiger Global Management,

raises Root’s valuation to $1 billion and provides additional capital to

deepen penetration in existing markets, expand into new states. Fuel

hiring plans, with a focus on engineers, actuaries, claims. Customer

service to support increased scale. Redpoint Ventures, Ribbit Capital,

and Scale Venture Partners all participated as follow-on investors in

this latest round.

Founded in 2015, Root is bringing the $250 billion U.S. auto insurance

industry into the mobile age by using smartphone technology to

understand individual driving behaviour. Customers obtain their

personalized quote after a two-to-three week test drive. They can

purchase and manage their policy entirely within the Root mobile app.

With Root’s approach, good drivers can save more than 50 percent

compared to traditional insurance carriers.

“We're excited that Root continues to attract the commitment and

capital of some of the largest and most successful venture funds, like

Tiger Global Management, who recognise the power of the Root platform

and our prospects for growth and success,” said Alex Timm, Co-founder

and CEO of Root. “This additional capital will allow us to accelerate

our strategy to transform the car insurance world and reinvent a broken

industry from the ground up by setting the new standard for how

customers buy and use insurance.”

Lee Fixel, Partner, Tiger Global Management, added, “Root Insurance is

leading digital innovation in U.S. auto insurance. This industry is ripe

for change. We're excited to invest in a team that's the

expertise, vision. Momentum to deliver real results. We look forwards

to growing our partnership with Root and helping them expand their

footprint across the United States.”

Over the last two years, Root Insurance has expanded into 20 states and

delivered robust growth, with a more than 4500% year-over-year increase

in direct written premiums in the first six months of 2018. Root’s

technology-enabled platform and unique pricing algorithm provide the

ability to price auto insurance more accurately than the competition,

and win and retain customers who seek a modern alternative to legacy

carriers.

Root Insurance anticipates expanding into all 50 states and Washington,

D.C., by the end of 2019.

The transaction is expected to close during the fourth quarter of 2018

and is subject to customary closing conditions and regulatory approvals.

Current investors also include Drive Capital and Silicon Valley Bank.

About Root:

Root Insurance is the nation’s first licensed insurance carrier powered

entirely by mobile and founded on the principle that car insurance rates

should be based on how you drive, not who you're. Through smartphone

technology and data science, Root measures driving behaviour. Uses it

as the primary factor in determining rates. The result is personalized

car insurance for good drivers, better rates. A seamless mobile app

experience.

Root is headquartered in Columbus, Ohio and is backed by some of the

largest reinsurance companies in the world, including Munich Re and

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

Arkansas, Delaware, Illinois, Indiana, Iowa, Kentucky, Louisiana,

Maryland, Mississippi, Missouri, Montana, New Mexico, North Dakota,

Ohio, Oklahoma, Oregon, Pennsylvania, Texas and Utah. 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.

About Tiger Global Management:

Tiger Global Management, LLC is an investment firm that deploys capital

globally. The firm’s fundamentally oriented investments focus primarily

on the global Internet, software, financial technology, consumer and

industrial sectors. The private equity strategy has a ten-year

investment horizon and targets growth-oriented private companies. Such

investments have included Spotify, Harry’s, Warby Parker, Peloton,

JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and

Flipkart. The public equity efforts emphasise deep due diligence on

individual companies and long-term secular themes. Tiger Global

Management, LLC was founded in 2001 and is based in New York with

affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.

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