By Miles, the pay-by-mile car insurance provider raises £5m
by Startacus Admin
Insurtech startup By Miles, the UK’s first real-time pay-per-mile car insurance provider, has successfully raised £5m in a Series A funding round led by Octopus Ventures.
By Miles is a UK startup that provides pay-as-you-drive car insurance to those who drive fewer than 7,000 miles a year. Drivers pay a small upfront sum for an annual policy 
and are then billed at the end of each month for the miles they drive. This offers many drivers the opportunity to cut their bills if they mostly use their cars for regular short trips or at weekends.
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. We first featured By Miles on Startacus back in July 2017, so we are delighted to continue to follow their journey.
The insurance industry is prime for disruption. Think, our recent articles on DeadHappy, the digital pay-as-you-go life insurance to consumers and Photocert, the InsurTech / SaaS startup that's using tech to digitally transform the insurance claims industry, as two good recent examples. So it is no surprise to see the disruptive By Miles successfully raise £5m..png "By Miles"){kind=tracking}
The Series-A funding, leady by leading European venture capital firm Octopus Ventures, 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. By Miles will also be continuing the roll-out of more innovative new car insurance products, enabling them to bring smarter and fairer pricing to even more drivers.
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.
This switch to pay-as-you-go, rather than pay-how-you-drive (speed, braking etc.), sets By Miles apart from existing black box and telematics policies, as they don’t use driver scoring or curfews to change the cost of a driver’s insurance - just the distance they drive.
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.
By Miles' customer-centric approach has already attracted thousands of users: collectively they’ve driven over a million miles since its July 2018 launch. The company has a 9.7/10 rating on Trustpilot and is the first insurance provider in 30 years to be awarded a Plain English award, an award it won for its jargon-free policy handbook.
We look forward to seeing how they further drive the business forward with this series A funding. Congrats team!
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 startup that is on a mission to empower cyclists everywhere by providing the world’s largest cycle route collection in its innovative app
Black Young Professional Network, aka BYP Network will hit and surpass their Seedrs £500k funding round target.
.jpeg)
Planning to hire an accountant for your startup? Here are a few of the things you should consider before you do just that...
Sustainable reward scheme Bagboard, a first-of-its-kind advertising platform for planet-friendly brands launches £600k funding round
The Manchester-based startup that's created an app to enable hospitality businesses to maintain social distancing while still taking customer orders quickly
The lowdown on Bubo AI, the Yorkshire-based startup that's using AI to create value-based pricing for wholesale and distribution businesses
The London-based startup that's disrupting the insurance industry by its collective-based model for cycling insurance
More than half of employees concerned about returning to work and majority of employees NOT comfortable using public transport
The GCHQ Innovation Co-Lab is on the hunt for companies harnessing data science, machine learning and AI techniques to create real products and solutions.
Eppik is a smart family photo sharing platform that helps families reconnect through their shared photo heritage
Published on: 25th February 2019
.png)
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- More than half of employees concerned about returning to work 2nd Jul 2020 More than half of employees concerned about returning to work and majority of employees NOT comfortable using public transport
- GCHQ Innovation Co-Lab seeks startups harnessing data science, machine learning and AI 2nd Jul 2020 The GCHQ Innovation Co-Lab is on the hunt for companies harnessing data science, machine learning and AI techniques to create real products and solutions.
- Ten Years On: 30% Club Sets New Targets 1st Jul 2020 New targets set by 30% Club aimed at achieving both gender diversity and fully inclusive cultures on FTSE Boards, Executive Committees and Chair Appointments
- Xero’s Roadmap to Recovery manifesto launched 1st Jul 2020 Xero’s Roadmap to Recovery manifesto launched as new data confirms impact of COVID-19 on UK small business revenue and employment
