---
schema_version: "secwatch.filing_event.v1"
accession: "0000950123-21-010425"
form_type: "8-K"
ticker: "ROOT"
cik: "0001788882"
company_name: "Root, Inc."
filed_at: "2021-08-12T23:59:59+00:00"
generated_at: "2026-06-29T13:37:56.735551+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Root enters $126M strategic investment and exclusive 5-year partnership with Carvana for integrated auto insurance

## Summary
- Carvana invests $126M in Root via convertible preferred at $9.00/sh, convertible into ~14M Class A shares (~5% fully diluted).
- Carvana receives warrants for up to 129M shares (29.9% fully diluted) tied to performance milestones of the integrated platform.
- Exclusive 5-year commercial agreement to develop integrated auto insurance solution for Carvana's online car buying platform.
- Carvana CEO Ernie Garcia III to join Root board; closing expected within 45-60 days, subject to HSR and other conditions.
- Root expects partnership to materially lower customer acquisition costs and increase GWP growth.

## SEC filing metadata
- accession: 0000950123-21-010425
- form_type: 8-K
- ticker: ROOT
- cik: 0001788882
- company_name: Root, Inc.
- filed_at: 2021-08-12T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1788882/000095012321010425/0000950123-21-010425-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1788882/000095012321010425/d72455d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950123-21-010425
- JSON: https://secwatch.observer/filing/0000950123-21-010425.json
- Plain text: https://secwatch.observer/filing/0000950123-21-010425.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.