US motor Root has raised $51m in a series C funding round led by Redpoint Ventures, with participation from Scale Venture Partners, Ribbit Capital and Silicon Valley Bank Partners. The Ohio firm, which launched in 2015, offers insurance coverage based on telematics data gathered from its app, with good driving rewarded with lower premiums. The funding will be used to further its US expansion and invest in the firm's core technology.
US motor insurtech Root has raised $51m in a series C funding round led by Redpoint Ventures, with participation from Scale Venture Partners, Ribbit Capital and Silicon Valley Bank Partners. The Ohio firm, which launched in 2015, offers insurance coverage based on telematics data gathered from its app, with good driving rewarded with lower premiums. The funding will be used to further its US expansion and invest in the firm's core technology.