By Miles raises £15m in Series B funding round
by Startacus Admin
Major investment for innovative InsurTech company, By Miles
Good news for By Miles, the UK’s first real-time pay-by-mile car insurance provider, that has successfully raised £15m in a Series B funding round led by CommerzVentures. 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.
James Blackham, co-founder and CEO of By Miles, said: “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.
Want to build an investable, scalable tech startup? The Raise Accelerator programme is now open for applications and will help you do just that.
Want to increase visual engagement for your startup's Instagram account? These tips will help you do just that.
Want to gain an edge over your business competitors? Listening to your audience is an absolute must.
The Clothes Doctor mission to fight fast fashion continues as the innovative eco clothing care brand raises £1m to support further growth.
If you plan on using social media to promote your brand, these simple rules will help, increasing both brand awareness and the number of consumers.
High-potential social impact startups from the UK sought for the 9th annual Les Tremplins by Voyage Privé programme.
The lowdown on Danish startup EvodiaBio and its innovative tech that produces sustainable aromas for the food and beverage industry.
Small Business Britain’s ‘How to Grow’ report outlines how small businesses are responding to economic challenges and how they can grow during recession.
Odd Coffee Company - the startup that's tackling coffee wastage by offering sustainably-sourced surplus coffee, rescued from British roasters.
Tech Nation shares an overview of the impact they have had on the UK's tech economy and ecosystem.
Published on: 22nd May 2020
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Raise Spring Accelerator programme seeking applications for next cohort 30th Jan 2023 Want to build an investable, scalable tech startup? The Raise Accelerator programme is now open for applications and will help you do just that.
- Leading French Travel Co. Offers Mentoring to two UK startups on its prestigious two-month programme 23rd Jan 2023 High-potential social impact startups from the UK sought for the 9th annual Les Tremplins by Voyage Privé programme.
- Small businesses need new model for growth in recession 23rd Jan 2023 Small Business Britain’s ‘How to Grow’ report outlines how small businesses are responding to economic challenges and how they can grow during recession.
- Tech Nation responds to the DCMS Digital Growth Grant announcement 20th Jan 2023 Tech Nation shares an overview of the impact they have had on the UK's tech economy and ecosystem.
