Insurtech By Miles has raised £15m in a Series B funding round led by CommerzVentures with partnership from existing investors Octopus Ventures, Insurtech Gateway and JamJar Investments.
The proceedings from the round will be used by the company to further develop its business and support customer interest.
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By Miles introduced pay-by-mile car insurance policy in 2018. The company rolled out a relaxed cancellation fees offer at the beginning of last month for the policy. With lockdown in place due to Covid-19, this enabled drivers to try ‘drive less, pay less’ policies for three months.
The company saw the strongest sales of pay-by-mile policy last month, reported Insuarance Times.
By Miles co-founder and chief executive James Blackham said: “Securing £15m in funding at the moment hasn’t been easy, and we’re incredibly grateful to the investors that are joining us on the journey to build out the future of pay-by-mile.
“We’re proud to continue with our mission of making car ownership fairer and more accessible to everyone today, while making sure we’re ready for what’s coming tomorrow.”
CommerzVentures partner Paul Morgenthaler said: “Our job is to support the growth of companies with the potential to redefine and modernise insurance. I believe in By Miles we’ve found exactly that, and we’re excited to be joining them on the journey to transform car insurance as we know it, forever.”
