Flexible car insurance firm By Miles raises £15m

By Miles, a pay-by-mile car insurance provider, has raised £15 million in Series B funding, led by CommerzVentures.

The London-based startup, which aims to provide flexible cover to low mileage drivers - classified as those who drive less than 7,000 miles a year - using a plug-in device called a miles tracker.

The funding round, which will be used to scale the business, also saw investment from existing backers Octopus Ventures, Insurtech Gateway and JamJar investments.

With UK drivers in lockdown looking to save money while using their cars less, By Miles saw its strongest sales week on record in April.

By Miles launched the world’s first connected car insurance policy designed to help Tesla drivers save money in December 2019, and in February 2020 launched a new feature to alert policyholders if they drive through London’s Ultra Low Emission Zone to help them avoid unnecessary penalties.

The company, founded in 2018, has sold 20,000 policies to date.

Paul Morgenthaler, partner at CommerzVentures, said: “Car insurance needs a shake-up if it’s going to remain relevant in a world of semi-autonomous, connected and electric cars, and in the current climate, insurers can’t ignore that - drivers want more flexibility and fairer pricing.

“Our job is to support the growth of companies with the potential to redefine and modernise insurance.”

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