Root had already been valued at more than $1 billion with $150 million raised in two rounds last year, also the highest in the state for 2018. Statewide Ohio startups set a record last year for a combined $1 billion in VC funding, according to JobsOhio. That's for hundreds of deals.Before this latest round, Timm's equity in his creation had shrunk to 10%, according to a cap table filed with the Ohio Department of Insurance. Manges was among a group of owners with less than 10%, 27% was owned by original investor Drive Capital.
Source: Former Braintree tenant Dan Manges now a part of $3.65 billion startup URL: https://www.bizjournals.com/columbus/news/2019/09/09/supersized-unicorn-root-insurance-leaps-to-3-65b.html?utm_source=morning-roundup&utm_medium=email&utm_campaign=20190910&utm_content=article14-readmore