Market Overview

Root Insurance Raises $100 Million in Series D Funding, Led by Tiger Global Management


- Lifts Root's Valuation to $1 Billion

- Funds will Accelerate Growth, Geographic Expansion, and Talent

Root Insurance, the first and only car insurance company to incorporate
individual driving behavior in every quote, announced today $100 million
in Series D funding. This latest round, led by Tiger Global Management,
raises Root's valuation to $1 billion and provides additional capital to
deepen penetration in existing markets, expand into new states, and fuel
hiring plans, with a focus on engineers, actuaries, claims, and customer
service to support increased scale. Redpoint Ventures, Ribbit Capital,
and Scale Venture Partners all participated as follow-on investors in
this latest round.

Founded in 2015, Root is bringing the $250 billion U.S. auto insurance
industry into the mobile age by using smartphone technology to
understand individual driving behavior. Customers obtain their
personalized quote after a two-to-three week test drive, and they can
purchase and manage their policy entirely within the Root mobile app.
With Root's approach, good drivers can save more than 50 percent
compared to traditional insurance carriers.

"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," said Alex Timm, Co-founder
and CEO of Root. "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."

Lee Fixel, Partner, Tiger Global Management, added, "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."

Over the last two years, Root Insurance has expanded into 20 states and
delivered robust growth, with a more than 4500% year-over-year increase
in direct written premiums in the first six months of 2018. Root's
technology-enabled platform and unique pricing algorithm provide the
ability to price auto insurance more accurately than the competition,
and win and retain customers who seek a modern alternative to legacy

Root Insurance anticipates expanding into all 50 states and Washington,
D.C., by the end of 2019.

The transaction is expected to close during the fourth quarter of 2018
and is subject to customary closing conditions and regulatory approvals.
Current investors also include Drive Capital and Silicon Valley Bank.

About Root:

Root Insurance is the nation's first licensed insurance carrier powered
entirely by mobile and founded on the principle that car insurance rates
should be based on how you drive, not who you are. Through smartphone
technology and data science, Root measures driving behavior, and uses it
as the primary factor in determining rates. The result is personalized
car insurance for good drivers, better rates, and a seamless mobile app

Root is headquartered in Columbus, Ohio and is backed by some of the
largest reinsurance companies in the world, including Munich Re and
Odyssey Re. Currently, Root is available to drivers in Arizona,
Arkansas, Delaware, Illinois, Indiana, Iowa, Kentucky, Louisiana,
Maryland, Mississippi, Missouri, Montana, New Mexico, North Dakota,
Ohio, Oklahoma, Oregon, Pennsylvania, Texas and Utah, and will be coming
to more states soon. For more information, visit
and get the rate you deserve by downloading
the app

About Tiger Global Management:

Tiger Global Management, LLC is an investment firm that deploys capital
globally. The firm's fundamentally oriented investments focus primarily
on the global Internet, software, financial technology, consumer and
industrial sectors. The private equity strategy has a ten-year
investment horizon and targets growth-oriented private companies. Such
investments have included Spotify, Harry's, Warby Parker, Peloton,, Facebook, LinkedIn, Yandex, Group, Despegar, Ola and
Flipkart. The public equity efforts emphasize deep due diligence on
individual companies and long-term secular themes. Tiger Global
Management, LLC was founded in 2001 and is based in New York with
affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.

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