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Root Insurance Stock
Mobile-First insurance carrier
About Root Insurance Stock
Root is a car insurance company founded on the belief that people who drive well are less likely to get into accidents, and that those people should pay less for insurance. With that in mind, Root set out to reinvent a broken industry, an industry that was still assigning rates based primarily on demographics and had an archaic agent structure. Using technology in smartphones to measure driving behavior such as braking, speed of turns, driving times, and route regularity, Root determines who is a safe driver and who isn't. By only insuring safe drivers, Root can offer more affordable rates. And the entire Root experience lives in a simple, easy-to-use app. The company was co-founded in March 2015 by Alex Timm and Dan Manges and is headquartered in Columbus, Ohio. As of October 2018, Root offers insurance in 20 states. Drivers in other states can sign up to be notified as other states become available. The company only offers personal car insurance policies at this time.
Investors
Drive Capital
Olive, Greenlight, SonderMind, ApplyBoard, Udacity, Fast Radius, FarmLogs, Root Insurance
Redpoint
Cityblock Health, PsiQuantum, SentinelOne, Cockroach Labs, Getaround, Guild Education, Alchemy, Arctic Wolf, Nextdoor, Workato
Ribbit Capital
Robinhood, CoinSwitch Kuber, Nubank, Affirm, Brex, Gusto, Coalition, Coinbase, Razorpay, Chainalysis
Scale Venture Partners
Box, Motive, Forter, DataStax, Socure, Matillion, Demandbase, WalkMe, CircleCI, Viz
Tiger Global Management
Flipkart, JUUL, Delhivery, Ather Energy, Databricks, Grab, Chime, Ola, Quikr, Palantir Technologies
Funding History
August 2019 | $350M |
---|---|
August 2018 | $100M |
March 2018 | $51.0M |
June 2017 | $21.5M |
October 2016 | $5.0M |
Management
Co-Founder & Chief Executive Officer
Alex Timm
Co-Founder & Chief Technology Officer
Dan Manges
Chief Data Scientist
David Martin
Chief Financial Officer
Daniel Rosenthal
Chief R&D Officer
Hemal Shah
Press
globenewswire - Oct, 23 2019
benzinga - Sep, 26 2019
news - Sep, 10 2019
finsmes - Aug, 25 2019
businesswire - Aug, 7 2019
prnewswire - Jun, 26 2019
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