Columbus based car insurance startup has raised $100m in Series D financing, led by Tiger Global Management. The company is now valued at $1b.
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Root Insurance Secures $100m in Series D
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 behavior. Customers obtain their personalized quote after a two-to-three week test drive, and 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 are 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 recognize the power of the Root platform and our prospects for growth and success,” said Alex Timm, Co-founder and CEO of Root.
