Root, Inc.

Root Insurance Company provides car insurance to drivers in 30 U.S. states. Root requires drivers to download their mobile app and perform test driving for several weeks while the app monitors the driving behavior in the background. If the driver passes the driving test, they are offered a premium which is based in part on the driving score calculated during the test drive. Root advertises that they only insure good drivers in order to keep premiums lower than other insurance companies.

Root Insurance Company
TypePublic
NASDAQ: ROOT
IndustryInsurance
FoundedMarch 2015 (2015-03)
FoundersAlex Timm
Dan Manges
Headquarters
Columbus, Ohio
,
United States
Area served
30 States (Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and West Virginia)
Key people
Alex Timm (CEO)
Dan Manges (Chief Technology Officer)
Dan Rosenthal (CFO)
ProductsCar insurance, Renters insurance, Homeowners insurance
Revenue $294.2 Million(2020)[1]
Number of employees
901 [2] (2020)
Websitewww.joinroot.com
Footnotes / references
[3]

Root offers a discount to Tesla owners who drive using Autosteer mode, making them the first insurance company to adjust premiums based on whether the driver is operating a semi-autonomous vehicle.[4]

History

Root was founded in March 2015. In 2018, Root became the first insurance tech startup outside the health-care sector to achieve unicorn status (a privately held startup valued at over a billion dollars).[5]

On September 9, 2019, Root announced their Series E funding round of $350 million on a $3.6 billion valuation. The round was led by DST Global and Coatue Management. [6]

On October 27, 2020, Root had its initial public offering (IPO) where shares sold at $27 each, raising $724.4 million which was the largest IPO in Ohio history.[7][8]

Sponsorship

On December 14, 2020, 23XI Racing announced that Root will be one of the sponsors of the No. 23 Toyota Camry driven by Bubba Wallace in the NASCAR Cup Series in 2021.[9] Root had collaborated with Wallace for an advertisement during the 2020 season that highlights his involvement in racial equality movements.[10]

References
  1. FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, ROOT, INC (Report). SEC. October 2020. Retrieved 2020-10-31.
  2. FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, ROOT, INC (Report). SEC. October 2020. Retrieved 2020-10-31.
  3. "Root Insurance Press, Bios & Media | Resources for Journalists". Root Insurance. Retrieved 2019-08-11.
  4. Muoio, Danielle (2017-03-15). "Tesla owners are already getting insurance discounts for using Autopilot". Business Insider. Retrieved 2019-07-04.
  5. Chernova, Yuliya (2018-08-22). "Auto-Focused Root Insurance Reaches $1 Billion Valuation". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-07-04.
  6. Korosec, Kirsten (2019-09-09). "Root Insurance valuation hits $3.65 billion in latest round led by DST Global and Coatue". Tech Crunch. Retrieved 2019-09-11.
  7. Oguh, Chibuike (2020-10-28). "Car insurance startup Root raises $724.4 million in IPO". Reuters. Retrieved 2020-12-08.
  8. Luthi, Ben. "Root Insurance IPO Raises Almost Three-Quarters of a Billion Dollars". Investopedia. Retrieved 2020-12-08.
  9. "23XI Racing announces sponsors". Jayski's Silly Season Site. NASCAR Digital Media, LLC. December 14, 2020. Retrieved December 14, 2020.
  10. "Bubba Wallace Offers No Apologies In Powerful New Ad". BET. October 27, 2020. Retrieved December 16, 2020.
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