Root Insurance company logo

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joinroot.com

Founded Year

2015

Stage

PIPE | IPO

Total Raised

$614M

Market Cap

0.34B

Stock Price

1.21

About Root Insurance

Root Insurance (NASDAQ: ROOT) is an insurance company that creates personalized products to give good drivers the protection they deserve. It incorporates individual driving behavior into every quote, thus calculating insurance premiums based on driver behavior.

Root Insurance Headquarter Location

80 E Rich Street Suite 50

Columbus, Ohio, 43215,

United States

855-982-1720

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Expert Collections containing Root Insurance

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Root Insurance is included in 5 Expert Collections, including Auto & Mobility Tech.

A

Auto & Mobility Tech

1,418 items

Startups building a next-generation mobility ecosystem, using technology to improve connectivity, safety, convenience, and efficiency in vehicles.Includes technologies such as ADAS and autonomous driving, connected vehicles, fleet telematics, V2V/V2X, and vehicle cybersecurity.

F

Fintech 250

500 items

250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.

T

Tech IPO Pipeline

568 items

I

Insurtech

1,798 items

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

F

Fintech

7,344 items

US-based companies

Latest Root Insurance News

BlackRock Agrees to $300M Loan for Root Insurance

Jan 27, 2022

January 27, 2022 The five-year loan will carry an interest rate of term SOFR + 9%. In conjunction with the term loan, Root issued BlackRock warrants equal to 2% of all issued and outstanding shares on a diluted basis at an exercise price of $9.00 per share. Under the terms, BlackRock may have an observer attend meetings of the Root board of directors. “We are pleased with the successful execution of this new term facility. It accomplished several important objectives including extending our debt maturity and further enhancing our liquidity position with a partner focused on the long-term success of Root,” said Alex Timm, Root co-founder and chief executive officer, in announcing the loan. “We are executing on a disciplined strategy to create enduring value through strong underwriting results, the development of our embedded product, and prudent capital management.” Alex Timm Mark Lawrence, managing director on BlackRock’s global credit team, took note of the insurer’s embedded product also. “We are excited to form a long-term partnership with Root, an auto Insurtech company with differentiated technology, and we recognize the potential of the innovative embedded product the company is developing through their exclusive partnership with Carvana,” Lawrence said. Root and digital car seller Carvana are developing an embedded insurance product that lets Carvana offer personalized, bindable quotes to car buyers. The Carvana deal also gave Root a cash infusion. Carvana agreed to invest $126 million in the company, giving it a five percent ownership stake. In announcing the layoffs earlier this week, Timm said the pandemic, supply chain and inflationary pressures have “caused historic levels of loss cost increases.” He said that he believed the realignment will drive efficiency and increased focus on Root’s priorities that include executing pricing changes. Despite consistent losses, Root has pursued a continuous growth strategy, with Carrier Management reporting in March that the digital auto insurer was executing a national expansion as it reported higher expenses in sales and marketing, technology and related development and general administrative costs. Last year the company began to add independent insurance agents to its distribution mix. Root lost more than $415 million from January through September 2021, almost double the loss for the same period a year earlier. The insurer also took year-to-date hits on net premiums earned and total revenues. It promised a marketing revamp would start to bear fruit in 2022. Root’s fourth quarter/full year 2021 earnings call is scheduled for February 24. Prior to its IPO, Root, which launched in 2015, had raised $523 million in venture capital, along with an additional $100 million in debt financing, through the fall of 2019. Investors in Root have included DST Global, Coatue, Drive Capital, Redpoint Ventures, Ribbit Capital, Scale Venture Partners, and Tiger Global Management. Was this article valuable?

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