Root Insurance Closes $51 Million
Root Insurance, a car insurance company that incorporates individual driving behavior in every quote, announced today the closing of a $51 million Series C funding round led by Redpoint Ventures. Scale Venture Partners and existing partners Ribbit Capital and Silicon Valley Bank Capital Partners also participated in the round.
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 uses its proprietary mobile app to give drivers customized quotes based primarily on actual driving behavior such as hard brakes, aggressive turns, and mileage driven. Since its launch in Ohio in 2016, Root has expanded to 11 additional states and is poised to be nearly national by 2019.
The company will use the new funding to expand into additional states and continue to invest in technology to improve the customer experience.