Root is Now Valued at a Billion Dollars
Root has announced a $100m Series D round at a $1b valuation, led by Tiger Global Management, with participation from existing investors – Redpoint Ventures, Ribbit Capital, and Scale Venture Partners. The additional capital will be used to deepen penetration in existing markets, expand into new states, and fuel hiring plans .
“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. This additional capital will allow us to accelerate our strategy to transform the car insurance world and reinvent a broken industry from the ground up by setting the new standard for how customers buy and use insurance.” – Cofounder and CEO of Root, Alex Timm.
“Root Insurance is leading digital innovation in U.S. auto insurance. This industry is ripe for change, and we are excited to invest in a team that has the expertise, vision, and momentum to deliver real results. We look forward to growing our partnership with Root and helping them expand their footprint across the United States.” – Partner at Tiger Global Management, Lee Fixel.
Bottom Line: Same ol’ product – auto insurance. The always relevant promise – a cheaper premium. And a budget for referral schemes.
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