Root Insurance valuation hits $3.65 billion in latest round led by DST Global and Coatue
Root Insurance, lang=”EN”>an Ohio-based car insurance startup that uses smartphone technology to understand individual driver behavior, said Monday it has raised $350 million on a $3.65 billion valuation in a Series E funding round.
The amount of the round was reported last month by Axios, citing anonymous sources. This official announcement fills in the remaining details, including that DST Global and Coatue led the funding round. Existing investors Drive Capital, Redpoint Ventures, Ribbit Capital, Scale Venture Partners and Tiger Global Management all participated in this round, along with several new investors, according to the company.
The car insurance company, founded in 2015, has now raised $523 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. The additional capital will also be used to develop new product lines, Root said.
The company said last year it planned to be in all 50 states and Washington, D.C. by the end of 2019.
“Root is transforming auto insurance, the largest property and casualty insurance market in the U.S., by leveraging technology and data to offer consumers lower prices, transparency, and fairness,” Tom Stafford, managing