Foley & Lardner LLP represented Root Inc. in a $100 million Series D financing, led by Tiger Global Management LLC. Upon closing, Root’s valuation will be increased to $1 billion.
Columbus, Ohio-based Root uses smartphone technology to individualize auto insurance rates. The capital will allow Root to deepen its penetration in existing markets, expand into new states and increase its staff, with a focus on engineers, actuaries, claims and customer service personnel. Existing investors, Redpoint Ventures, Ribbit Capital and Scale Venture Partners also participated in the round.
The Foley team was led by partner Lisa Conmy, who was assisted by special counsel Majorie Winters and associate Nic Herdrich.
The transaction is expected to close in the fourth quarter after the satisfaction of customary closing conditions and receipt of all necessary regulatory approvals.