• FOUNDING YEAR: 2015
    LOCATION:
    United States
    REGION:
    Ohio
    Last Update:
    14 Feb, 2020

Description

FOCUS

PRODUCTS & SERVICES:
The online platform uses smart technology to understand individual driving behavior such as hard brakes, aggressive turns, and mileage driven. It calculates insurance premiums based upon driver behavior.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
ADP, AEP, Aer Lingus, American Airlines, Arkema, BBVA Compass, Beaumont, Cheddar's, Chiquita, Citizens Energy, etc.
EXISTING PARTNERSHIPS:
Ohio Department of Insurance
COMMENT
The company provides mobile-based Root app to its customers where they can purchase and manage their policy. It uses AI algorithms to adjust risk. (Aug.2018)

PEOPLE

MEDICI analysts will analyze Root Insurance soon

TRACTION

VALUATION / MARKET CAP:
$1 Billion in 2018
VALUATION COMMENT
The company has been valued at $1 billion after the latest funding round on August 2018.
ACTIVE USERS COMMENT:
The company claims that good drivers can save up to $1,187 per year on car insurance.
OTHER INFO:
Root has a license to operate in 23 states and plans to expand to the other states of the US by 2020.
COMMENT:
In Q4, Root wrote more than $100 million in direct premiums. Also, app downloads have grown to 60% month-over-month. (Mar. 2019)

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$527.5 Millions
DATE OF LAST FUNDING:
Aug 2019
TOTAL FUNDING COMMENT:
The company will use its funds to penetrate existing markets, expand into new states, and accelerate hiring plans. (Aug. 2018)
FUNDING SERIES:
SERIES A
$5 Millions Closed: Oct 2016
SERIES B
$21.5 Millions Closed: Jun 2017
SERIES C
$51 Millions Closed: Mar 2018
SERIES D
$100 Million Closed: Aug 2018
SERIES E
$350 Millions Closed: Aug 2019
LISTED:
NO

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