Supersized unicorn: Root Insurance leaps to $3.65B valuation with $350M round

Root Insurance is now valued at $3.65 billion after a $350 million funding round – the largest single venture capital round ever in the state.

The 3-year-old auto insurer, now the startup with the highest valuation of any in Ohio, has raised a cumulative $523 million in VC and another $100 million in debt. The proceeds cushion the huge capital reserve requirements for an insurance company and fuel rapid hiring as Root expands product lines and makes the push for nationwide coverage – it’s live in 29 states.

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Story excerpt provided by Columbus Business First, and see related article in The Wall Street Journal.

Written by Carrie Ghose.

Originally published September 9, 2019.