Root is a mobile-first insurance carrier that uses an app to rate drivers based primarily on how they actually drive—not who they are.
Root was founded on the belief that people who drive well are less likely to get into accidents, and that those people should pay less for insurance. With that in mind, Root set out to reinvent a broken industry—an industry that was still assigning rates based primarily on demographics and had an archaic agent structure.
Root was founded in March 2015 by Alex Timm & Dan Manges and is headquartered in Columbus, Ohio.
Root uses artificial intelligence to help good drivers save an average of $1187 a year on car insurance. Using technology in smartphones to measure driving behavior, our app lets us know who’s a safe driver and who isn’t. The entire Root experience lives in a simple, easy-to-use app.
Root Insurance is backed by leading investors such as Tiger Global Management, Redpoint, Scale Venture Partners, Ribbit Capital, Coatue Management, DST Global, Silicon Valley Bank, & Drive Capital. The company raised $350M in its latest funding of a "Series E" round on Aug 20, 2019. This brings Root Insurance's total funding to $527.5M to-date.
Root Insurance was a valued at $3.65B during it's latest financing of a "Series E" round on Aug 20, 2019. The company's previous valuation was $1B on Aug 22, 2018.