Root Insurance announced it raised $350 million in Series E funding. Root has now raised a total of $523 million in funding, with an additional $100 million in debt financing. This latest round, led by DST Global and Coatue, raises Root’s valuation to $3.65 billion and provides additional capital to accelerate growth in existing markets while expanding into new states and developing new product lines. Existing investors Drive Capital, Redpoint Ventures, Ribbit Capital, Scale Venture Partners, and Tiger Global Management all participated in this round, along with several new investors.
Founded in 2015, Root recently expanded into its 29th state,
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