Metromile raises $191.5M Funding

What does Metromile do?

Metromile, is a pioneer of pay per mile car insurance in the United States The company is a variably prices, pay per mile insurance provider. The company is revolutionizing car ownership to fit the customers’ lifestyle. It is charging the customers for the actual miles they drive. If a customer is not driving much, then he should not be paying much. With their smart driving app and pay per mile insurance, the company aims at making car ownership less expensive, simple and more convenient.

How much Metromile was funded?

$50M on September 21, 2016 from China Pacific Insurance

Previous funding

Undisclosed amount in Series A on June 1, 2011 from Acequia Capital (Acecap)

$4M in Series A on December 5, 2012 from New Enterprise Associates,  First Round, Index Ventures and SV Angel

$10M in Series B on April 30, 2013 from Felicis Ventures,  New Enterprise Associates and Index Ventures.

$38.4M in Series C on November 1, 2014

$103.1M in Series D announced on September 21, 2016 and closed on March, 2016 from SV Angel,  First Round, Mitsui & Co, New Enterprise Associates,  China Pacific Insurance, Index Ventures and  Intact Financial Corporation

What is next for Metromile?

The company plans on using the latest funding raised for fueling growth initiatives, acquiring an insurance carrier and advancing nationwide expansion. So the company will underwrite its own policies and manage the entire claims process from the beginning to finish, providing customers more fair, faster and seamless claims experience.

More about Metromile

Metromile was founded on June 1, 2011 by Steve Pretre and David Friedberg. It has its headquarters in San Francisco, California. The company is revolutionizing car insurance through its pay per mile insurance model. It is currently empowering drivers in Illinois, California, New Jersey, Pennsylvania, Oregon, Washington and Virginia.