Auto Insurer Root Nabs $350M In Series E Funding Round
Law360 (September 9, 2019, 5:15 PM EDT) -- Insurance technology firm Root Insurance Co. reached a $3.65 billion valuation after raising $350 million in a Series E funding round led by DST Global and Coatue, the company announced on Monday.
Root, which uses drivers' mobile phones to individualize insurance rates, said that it will use the capital to accelerate growth in existing markets, break into new states and develop new product lines, with the goal of having a presence in all 50 states and Washington, D.C., by the end of 2019.
Follow-on investors Drive Capital, Redpoint Ventures, Ribbit Capital, Scale Venture Partners and Tiger Global Management were joined by...
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