Root Insurance, a Columbus, OH-based car insurance company that incorporates individual driving behavior in every quote, closed a $51m Series C funding.
The round was led by Redpoint Ventures, with participation from Scale Venture Partners and existing partners Ribbit Capital and Silicon Valley Bank Capital Partners. In conjunction with the funding, Elliot Geidt, a partner at Redpoint Ventures, will join Root’s Board of Directors.
The company will use the funds to expand into additional states and continue to invest in technology to improve the customer experience.
Led by Alex Timm, CEO and Co-Founder, Root Insurance is a licensed insurance carrier offering personalized car insurance that gives good drivers the rates they deserve, managed through a mobile app. Root leverages its proprietary mobile app and data science to give drivers customized quotes based primarily on actual driving behavior such as hard brakes, aggressive turns, and mileage driven.
It makes it ease to to get car insurance at 18 years.
Currently, it is available to drivers in Arizona, Indiana, Illinois, Kentucky, Louisiana, Mississippi, Montana, Ohio, Oklahoma, Pennsylvania, Texas, and Utah. Root is backed by the largest reinsurance companies in the world, including Maiden Re, Munich Re and Odyssey Re.