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By Miles raises £15 million in Series B funding round – Insurance Business UK

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By Miles, a provider of real-time pay-by-mile motor insurance, has raised £15 million in a Series B funding round led by CommerzVentures, the corporate venture capital fund of Germany’s Commerzbank Group.

Existing investors Octopus Ventures, Insurtech Gateway, and JamJar investments also participated in the funding round, a company statement said.

According to By Miles, its aim is to make car insurance more affordable for the UK’s 19 million lower mileage drivers, or those who drive less than 7,000 miles a year, by letting them pay premiums only for the number of miles driven.

With UK drivers in lockdown and driving going down substantially, By Miles saw its strongest sales week ever in April, the statement said.

“Our pay-by-mile car insurance provides lower mileage drivers with a flexible, lower cost policy that drivers can track in real-time,” said James Blackham,…



Read More: https://www.insurancebusinessmag.com/uk/news/auto-motor/by-miles-raises-15-million-in-series-b-funding-round-223140.aspx

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Source: https://www.insurancebusinessmag.com/uk/news/auto-motor/by-miles-raises-15-million-in-series-b-funding-round-223140.aspx

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