Story excerpt provided by Venture Beat.
Written by Anna Hensel.
While the Midwest continues to lag Silicon Valley in the total amount of venture capital raised, there is still progress being made as more of the region’s fast-growing tech startups raise rounds that are closer to Silicon Valley-size.
Root Insurance, a Columbus-based car insurance startup that calculates insurance premiums based upon driver behavior, announced today that it has raised a $51 million series C round, led by Redpoint Ventures. Other participating investors include Scale Venture Partners, Ribbit Capital, and Silicon Valley Bank. Columbus-based Drive Capital has also previously invested in Root Insurance.
According to Crunchbase data, Root Insurance’s round looks to be one of the largest, if not the largest, series C round ever raised by a tech startup (a company called Altus Pharmaceuticals also raised a $51 million series C in 2004). Cofounder and CEO Alex Timm declined to comment on how much the new round of funding valued Root Insurance at.
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Originally published March 27, 2018.