If you weren’t already aware, there’s massive growth underway at local startup Root Insurance. We spoke with founder and CEO Alex Timm in March about their big plans thus far, and the company officially unveiled their latest news this morning, which includes a hiring spree that will quintuple their employee base as they relocate into new offices in Downtown Columbus.
“Root’s growth since we were founded in 2015 is due in no small part to the strong talent we continue to find in Columbus,” stated Timm. “While this expansion will allow us to continue to grow Root’s offering nationally, it will also deepen our roots in Columbus, with the resources and space to grow the business with the momentum it deserves.”
Root Insurance is the first commercial tenant to be announced for the new 12-story mixed-use “80 on the Commons” building, currently under construction adjacent to the Columbus Commons park Downtown. The company will take up approximately 65,000 square feet of office space with a $2 million buildout. Over the course of the next four years, Root is expected to grow its employee base from 88 to 551.
The rapid expansion of the young company is being made possible by the closing of a $51 million Series C funding round in April, one of the largest funding announcements in the entire state of Ohio.
“We’re entering a time of rapid technological change that will sweep across the industry and beyond,” Timm told The Metropreneur earlier this year. “Consumers’ lifestyles and needs are changing. Even now, we’re seeing new semi-autonomous technologies and alternative transit options hit the road. Within the decade, we’ll see more and more cars hit the road without human drivers. As a result, insurance models need to substantially adapt.”
Columbus City Council will meet tonight to review an incentive package for the company, which — if approved — will enable the expansion plans to move forward, along with support from JobsOhio.
For more information, visit www.joinroot.com.