Start-up By Miles raises £5m in a Series A funding
By Miles, the pay-per-mile car insurance provider, has raised £5m in a Series A funding round led by Octopus Ventures.
The Series-A funding will be used to build on this award-winning approach by further investing in its market-leading customer service team and in-app claims handling so if the worst does happen, claims can be resolved quickly and smoothly.
In addition to the lead investor, Octopus Ventures, By Miles has successfully further funding commitments from its original investors including Insurtech Gateway, the insurance-focussed incubator set up by investor Hambro Perks and Lumleys, InMotion Ventures, Jaguar Land Rover’s venture capital fund and JamJar Investments, the venture capital fund of the innocent drinks founders.
The insurtech startup is on mission to make car insurance better for the UK’s 19 million low mileage drivers - those who drive less than 7,000 miles a year - by offering a fairer and more flexible way to pay for car insurance cover.
The miles you drive are measured using a Miles Tracker which drivers can plug into their car in moments. Customers can use the By Miles app to automatically see the cost of their journeys and access handy driving tools and reminders.
James Blackham, co-founder and CEO of By Miles, said: “Those who don’t drive as much are being treated unfairly. They’re charged more to subsidise the insurance of higher mileage drivers. We’re using tech to stop people being overcharged for their car insurance.
“This investment will allow us to bring the benefits of pay-by-mile to the 19 million low mileage drivers out there that may not have already discovered the fairer way to pay. We will continue to place customer experience at the heart of this new wave of car insurance, improving the tech, the level of service and expanding our team.”
Malcolm Ferguson, Principal & Early Stage Investor at Octopus Ventures, said: “The car insurance industry is known for being complex and difficult to navigate. By Miles is changing this perception by offering a fair pricing model based on use, driving savings across the board. They are set to change the car insurance market for good and we want to help them do just that.
“We are looking forward to supporting By Miles as they continue to grow from strength to strength.”