Root Insurance Expansion Timeline
Within the past three years, Root Insurance has rapidly expanded from its home base in Ohio to almost 30 states as of September 2019.
- Root Insurance was founded in 2015 but launched in October 2016 at Columbus, Ohio with the aim of entirely selling insurance via smartphone.
- At the time it launched, Root Insurance only catered to Ohio alone and mentioned that it would expand to Illinois next.
- A few months after it launched, it already had about 20 employees, raised up to $7 million and expressed its plans to expand nationwide the following year.
- By June 2017, Root Insurance announced that it launched in Arizona. A month before, it received $21.5 million in its Series B funding.
- In August 2017, the company expanded to Indiana.
- Root Insurance expanded to Oklahoma, Illinois, and Utah by October 2017.
- By the end of 2017, Root Insurance was accepted for coverage in three additional states, Mississippi, Kentucky, and Texas.
- In total, the company offered its services to nine states when 2017 came to an end.
- In March 2018, Root Insurance raised $51 million in a Series C funding and announced its expansion to Louisiana.
- The company launched in Missouri and New Mexico by April 2018.
- In June 2018, Root Insurance launched in Iowa.
- Root Insurance was accepted for coverage in a total of 19 states by July 2018. They include Montana, North Dakota, Utah, Arizona, New Mexico, Oklahoma, Texas, Iowa, Missouri, Arkansas, Louisiana, Mississippi, Illinois, Indiana, Ohio, Kentucky, Pennsylvania, Delaware, and Maryland.
- The company reported that it would be expanding to Oregon, Alaska, Nebraska, Connecticut, and North Carolina next.
- By August 2018, Root Insurance expanded to Oregon, raised a total of $100 million in a Series D funding and had a $1 billion valuation.
- The company expanded to South Carolina by the end of 2018. In total, Root Insurance was accepted for coverage in 21 states. It mentioned that it would expand to all 50 states by the end of 2019.
- By July 2019, Root Insurance started offering its services to three more states in the US - Georgia, Nebraska, and Connecticut making 25 states in total.
- In September 2019, the company raised $350 million in a Series E funding led by Coatue and DST Global. It had a $3 billion valuation at the time.
- Currently, Root insurance is accepted for coverage in roughly 29 states; Montana, California, Nevada, North Dakota, Utah, Arizona, New Mexico, Colorado, Oklahoma, Texas, Iowa, Missouri, Arkansas, Louisiana, Mississippi, Illinois, Indiana, Ohio, Kentucky, Oregon, Alaska, Nebraska, Georgia, Tennessee, Virginia, Connecticut, Pennsylvania, Delaware, and Maryland.
- Within the next few months, Root Insurance plans to expand to Washington, Alaska, Hawaii, Alabama, North Carolina, DC, New Hampshire, Massachusetts, and West Virginia.