Root, Inc. was founded in March 2015 by Alex Timm and Dan Manges. In 2021, CTO co-founder Dan Manges retired and remained an advisory advisor to the company until December 31, 2021. [4] www.dispatch.com/news/20180526/root-insurance-wants-to-do-to-auto-coverage-what-amazon-has-done-to-retail This article about an insurance company is a heel. You can help Wikipedia by expanding it. In 2017, Root began offering a discount to Tesla owners driving in Autosteer mode, making Root the first insurance company to adjust premiums based on the crucial fact of whether the insured vehicle is operating in semi-autonomous vehicle conditions. [5] Root: Affordable Car Insurance – Apps on Google Play COLUMBUS, Ohio, October 20, 2022 (GLOBE NEWSWIRE) — Root, Inc. (NASDAQ: ROOT), a leading technology company providing insurance solutions and the parent company of Root Insurance, is proud to announce that CEO and co-founder Alex Timm has been named one of FinTech magazine`s Top 100 FinTech companies. Root Inc. Root Inc. (NASDAQ: ROOT) was founded in 2015 and is headquartered in Columbus, Ohio, and is the parent company of Root Insurance Company.

Root is revolutionizing insurance through data science and technology to provide consumers with a personalized, simple and fair experience. The root app has nearly 11 million app downloads and has collected more than 18 billion miles of driving data to inform their insurance quotes. Root Insurance is the first licensed insurance company in the country to operate fully mobile. [ref. “I am honored to be named by FinTech Magazine alongside so many innovators and industry leaders,” said Alex Timm, CEO and co-founder. “I founded this company to develop more affordable and fair personal insurance products that are transparent to customers. I`m proud that we continue to define a new, modern way for customers to experience insurance, while offering pricing with the benefit of the latest machine learning and data. Timm has been recognized as an industry leader for revolutionizing the archaic auto insurance industry and developing a new way of auto insurance – through the use of data science and modern technology, all in one application. Root is a mobile insurance company that offers better rates to top drivers.

Investor Contact: Christine PatrickVP, Investor Relationsir@root.com 11. In August 2021, Root announced a partnership agreement with Carvana to develop customized auto insurance programs for Carvana`s online car buying platform. The deal includes a $126 million investment by Carvana with a 5% stake in Root. The plan of the collaboration is to leverage the technology of both companies to develop an integrated experience for customers when buying a car through Carvana. [6] play.google.com/store/apps/details?id=com.joinroot.root&hl=en_US&gl=US Root asked drivers to download their mobile app and take a test drive for a few weeks. If the driver passes the driving test, they are offered a premium based on the number of driving points calculated during the test drive, which sets the company apart from traditional auto insurance. [2] Root advocates abandoning solvency when it comes to determining how much auto insurers decide to charge a customer to overcome barriers to racial and social inequality. [3] For more information about root, see root.com, inc.joinroot.com, or connect on Instagram, Twitter, YouTube, and TikTok. Root insurance – Why car insurance is so expensive. On September 29, 2022, the fractionally adjusted Root share price had fallen below 2% of the IPO. Root Insurance Raises $100 Million in Series D Funding, Led by Tiger Global Management October 20, 2022 16:05 ET | Source: Root, Inc. Root, Inc.

On December 14, 2020, 23XI Racing announced that Root will be one of the sponsors of Bubba Wallace`s No. 23 Toyota Camry in the NASCAR Cup Series in 2021. [8] Root collaborated with Wallace on a commercial during the 2020 season highlighting his involvement in racial equality movements. [9] On March 27, 2018, Root Insurance closed its Series C funding round with $51 million from Redpoint (lead investor), Scale Venture Partners, Ribbit Capital and Silicon Valley Bank. www.businesswire.com/news/home/20180822005408/en/Root-Insurance-Raises-100-Million-Series-Funding Root Insurance Tech Overview: Data Science and Telematics. On January 26, 2022, Root entered into a five-year, $300 million loan with BlackRock. The term of this bullet loan is January 27, 2027. [7] The full list of FinTech Magazine appointees can be found here. Root Insurance wants to make coverage automatic like Amazon did with retail.

$15 million In October 2016, Root Insurance closed its Series A funding round with $5 million from Drive Capital.