By Miles raises £15m in Series B funding round

by Startacus Admin
Major investment for innovative InsurTech company, By Miles

Existing By Miles investors Octopus Ventures, Insurtech Gateway and JamJar investments also continued their support committing further investment.
The insurtech company is on a mission to make car insurance fairer for the UK’s 19 million lower mileage drivers - those who drive less than 7,000 miles a year - by offering a more flexible way to pay for car insurance cover that ensures you only pay for the miles you drive.
With UK drivers in lockdown looking to save money while using their cars less, By Miles saw their strongest sales week ever in April.
With a By Miles policy, your car’s always covered by fully comprehensive insurance, but it’s sold in a more flexible way.
You simply pay a fixed upfront cost to cover the car while it’s parked, then you get your own unique per-mile rate to cover your driving. Many lower mileage drivers therefore have the opportunity to substantially cut their bills if they mostly use their car at weekends or for regular short trips. And it allows for reduced monthly bills if your driving habits suddenly change.
Since its launch, By Miles has sold almost 20,000 policies, insured nearly 39m miles and won multiple awards, including being voted the UK’s Best Car Insurance Provider at the Insurance Choice Awards 2019.

“This crisis has shown UK drivers what we’ve known for a while: the way car insurance works now isn’t working for everyone. They’re rightly questioning why they should pay for insurance they’re not able to use, and asking why traditional car insurers can’t provide a flexible alternative to meet their needs.
“Our pay-by-mile car insurance provides lower mileage drivers with a flexible, lower cost policy that drivers can track in real-time. We’ve already proved this is something UK drivers want, hitting nearly 39 million miles insured. And we only expect to see demand growing as driving habits shift while we work our way back to a new normal post lockdown.
“We’re thrilled that CommerzVentures are joining us to bring our fairer kind of car insurance to even more drivers. They bring considerable experience of scaling new insurance businesses, and we look forward to working with them as demand for pay-by-mile grows.”
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
The lowdown on the London-based health-tech startup Zedsen that has developed technology that can monitor the user’s bloodstream and collect data by using sensors that simply sit on top of the skin

The early-stage NI startups selected to pitch at LEVELUP 2021, the 2-day event taking place on 21-22 April as part of Derry & Strabane Enterprise Week have now been revealed...

Aimear Lynch, founder of My Pet Lamb and one of our Impacting Founders gives us the lowdown on her eco-conscious startup and business journey to date

The latest addition to the LEVELUP agenda is an online Speed Networking event, in partnership with Allstate NI and powered by Netminds. Come along and make new connections!

Digital DNA, leading lights in the NI Tech and Business community announced as media partners for the LEVELUP events at Derry & Strabane Enterprise Week

Kellie McCord from Toastmasters International shares some tips on a few of the key things you should consider to make sure that the online experience is inclusive and easier for more people

Thinking about embarking on currency trading? Here are some basic tips that will help you do just that...

The innovative Brighton-based startup, Naurt, that has created a plug-and-play toolkit for high-precision, beacon-free tracking

Thinking of using email marketing to promote your startup? Here are a few of the key things to consider when doing just that...

The lowdown on Fleex, the startup that helps companies provide remote employees with all they need to make working from home more comfortable
Published on: 22nd May 2020
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- Startacus brings virtual speed networking to Derry & Strabane Enterprise Week 2021 12th Apr 2021 The latest addition to the LEVELUP agenda is an online Speed Networking event, in partnership with Allstate NI and powered by Netminds. Come along and make new connections!
- LEVELUP bags Digital DNA as media partners 12th Apr 2021 Digital DNA, leading lights in the NI Tech and Business community announced as media partners for the LEVELUP events at Derry & Strabane Enterprise Week
- Huge rise in dog weddings leads Feast It and Poppy’s Picnic to launch dog wedding planning service 31st Mar 2021 "Mutt-rimonials" are on the horizon thanks to Woof Weddings, the UK's first dedicated wedding planning service for dogs
- Manual, the innovative Men’s Health platform Raises $30M Series A 31st Mar 2021 Manual secures major investment to help with product development and international expansion and its overall mission to become the global destination for men’s health