Root Insurance valuation hits $3.65 billion in latest round led by DST Global and Coatue – gpgmail


Root Insurance,  lang=”EN”>an Ohio-based car insurance startup that uses smartphone technology to understand individual driver behavior, said Monday it has raised $350 million on a $3.65 billion valuation in a Series E funding round. 

The amount of the round was reported last month, citing anonymous sources. This official announcement fills in the remaining details, including that DST Global and Coatue led the funding round. 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, according to the company.

The car insurance company, founded in 2015, has now raised $523 million with an additional $100 million in debt financing. The funding will be used to scale up in the 29 U.S. states where it currently operates and expand into new markets. The additional capital will also be used to develop new product lines, Root said.

The company said last year it planned to be in all 50 states and Washington, D.C., by the end of 2019. 

“Root is transforming auto insurance, the largest property and casualty insurance market in the U.S., by leveraging technology and data to offer consumers lower prices, transparency, and fairness,” Tom Stafford, managing partner of DST Global, said in a statement.

Root provides car insurance to drivers. The company has differentiated itself by using individual driver behavior along with other factors to determine the premium customers pay.

Drivers download the Rootmobile app and take a test drive that typically lasts two or three weeks. Root provides a quote that rewards good driving behavior and allows customers to switch their insurance policy. Customers can purchase and manage their policy through the app.

Root has said its approach allows good drivers to save more than 50 percent on their policies compared to traditional insurance carriers. The company uses AI algorithms to adjust risk and sometimes provide discounts. For example, a vehicle with an advanced driver assistance system that it deems improves safety might receive further discounts.

The company’s business model has attracted customers. Root wrote more than $187 million in insurance premiums in the first six months of 2019, 824% growth over the same period in 2018.


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UrbanClap, India’s largest home services startup, raises $75M – gpgmail


UrbanClap, a marketplace for freelance labor in India and the UAE, has raised $75 million in a new financing round to expand its business.

The Series E round for the four-and-a-half-year old India-based startup was led Tiger Global. Existing investors Steadview Capital, which led the startup’s Series D in December last year, and Vy Capital also participated in the current round. The startup, which has raised about $185 million to date, said some early investors sold portions of their stake as part of the new round.

Through its platform, UrbanClap matches service people such as cleaners, repair staff and beauticians with customers across 10 cities in India and Dubai and Abu Dhabi. The startup supports 20,000 “micro-franchisees” (service professionals) with around 450,000 transactions taking place each month, cofounder and CEO Abhiraj Bhal told gpgmail.

Bhal said that UrbanClap helps offline service workers, who have traditionally relied on getting work through middleman such as some store or word of mouth networks, to find more work. And they earn more, too. UrbanClap offers a more direct model, with workers keeping 80% of the cost of their jobs. That, Bhal said, means workers can earn multiples more and manage their own working hours.

“The UrbanClap model really allows them to become service entrepreneurs. Their earnings will shoot up two or three-fold, and it isn’t uncommon to see it rise as much as 8X — it’s a life-changing experience,” he said. Average value of a service is between $17 to $22, according to the company.

In recent years, UrbanClap has also started to offer training, credit, and basic banking services to better support the service workers on its platform. On its website, UrbanClap claims to offer 73 services — including kitchen cleaning, hairdressing, and yoga training. It says it has served 3 million customers.

Bhal said that around 20-25% of applicants are accepted into the platform, that’s a decision based on in-person meetings, background and criminal checks, as well as a “skills” test. Workers are encouraged to work exclusively — though it isn’t a requirement — and they wear UrbanClap outfits and represent the brand with customers.


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