Root Seeks $6.34B Valuation In Pending IPO

Root Inc., the parent company of Root Insurance, launched its initial public offering and is looking at a valuation of as much as $6.34 billion, TechCrunch reported.

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The Columbus, Ohio-based startup has attracted approximately $528 million in venture-backed funding since the company was founded in 2015, according to Crunchbase data.

We last checked in on Root Insurance back in September 2019, when the company raised a $350 million Series E round led by DST Global and Coatue. At the time, the company was valued at $3.65 billion.

Root is offering 24.2 million shares and targeting $22 to $25 per share and intends to list on the Nasdaq under the ticker symbol ROOT.

Illustration: Dom Guzman