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.