Ohio based technology enabled auto insurance provider has raised a $51m Series C funding round led by Redpoint Ventures.
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.