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Root Insurance was founded in March 2015 by Alex Timm and Dan Manges.
In 2021, Manges co-founder retired as CTO but remained a consultant to the company through December 2021. In August 2021, Root announced a partnership deal with Carvana to develop personalized auto insurance for Carvana's car-buying platform. This was Root Insurance's first embedded partner.
The deal, initially formed around a $126 million investment by Carvana for a 5% stake in Root, includes warrants that can be exercised at certain stages or tranches. The collaboration uses both companies technologies to develop an embedded experience for customers purchasing a car with Carvana.
In January 2022, Root closed on a $300 million five-year term loan with BlackRock. The maturity of this term loan is January 27, 2027. On March 23, 2023, Root Insurance Chief Revenue and Operating Officer, Daniel Rosenthal resigned, having started as a director for Root Insurance in 2017.