Root

Isaac Espinoza will also be tasked with exploring possibilities of Root writing reinsurance or retro business.

Root has has been dependent on private equity and reinsurance – a source of capital in flux given the Covid-19 pandemic – to continue operating at its current growth rate.

A past industry critic of Root has shifted to a more optimistic view of the company’s future.

New filings show the InsurTech is expanding far faster than either Lemonade or Metromile but its losses have almost doubled.

Root has confirmed that the round was at a valuation of $3.65bn.

The IoT Observatory director said investors are desperate to back start-ups that promise to disrupt the distribution chain.

The latest fundraise comes after the auto carrier entered the Californian market.

CEO and Co-Founder Alex Timm said the company needs someone who can focus on managing growth.