• FOUNDING YEAR: 2015
    LOCATION:
    United States
    REGION:
    Last Update:
    27 Jun, 2019

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

FOUNDERS:
Alexander Timm, Ilya Bodner
Board Members and Advisors:
Elliot Geidt, Doug Ulman
NUMBER OF EMPLOYEES:
11-50
INVESTORS:
Tiger Global Management, Drive Capital, Silicon Valley Bank, Munich RE, MAIDEN RE, OdysseyRe, Redpoint Ventures, Scale Venture Partners, and Ribbit Capital.
KEY EMPLOYEES:
Alexander Timm (CEO); Dan Manges (CTO)

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:
$177 Million
DATE OF LAST FUNDING:
Aug 2018
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
$7 Millions Closed: Mar 2015
SERIES B
$19 Million Closed: Jun 2017
SERIES C
$51 Millions Closed: Mar 2018
SERIES D
$100 Million Closed: Aug 2018
LISTED:
NO

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