INSUBCONTINENT EXCLUSIVE:
month by Axios, citing anonymous sources
This official announcement fills in the remaining details, including that DST Global and Coatue Management led the funding round
Existing investors Drive Capital, Redpoint Ventures, Ribbit Capital, Scale Venture Partners and Tiger Global Management all participated in
million with an additional $100 million in debt financing
The funding will be used to scale up in the 29 U.S
states where it currently operates and expand into new markets
states and Washington, D.C
statement.Root provides car insurance to drivers
The company has differentiated itself by using individual driver behavior along with other factors to determine the premium customers
pay.Drivers download the Rootmobile app and take a test drive that typically lasts two or three weeks
Root provides a quote that rewards good driving behavior and allows customers to switch their insurance policy
Customers can purchase and manage their policy through the app.Root has said its approach allows good drivers to save more than 50% on their
policies compared to traditional insurance carriers
The company uses AI algorithms to adjust risk and sometimes provide discounts
business model has attracted customers
