What is By Miles?
By Miles revolutionizes car insurance by offering a cost-effective solution tailored for low-mileage drivers. Their model comprises a fixed annual fee for vehicle downtime and a variable cost based on actual miles driven. This is facilitated through an intuitive app and an optional Miles Tracker, empowering users to manage their mileage and policies with ease. By Miles targets a segment of the market underserved by traditional insurance providers, offering a more equitable and transparent pricing structure.
How much funding has By Miles raised?
By Miles has raised a total of $26.9M across 4 funding rounds:
Other Financing Round
$426K
Angel/Seed
$1.2M
Series A
$7M
Series B
$18.3M
Other Financing Round (2017): $426K with participation from InMotion Ventures and Hambro Perks
Angel/Seed (2018): $1.2M led by JamJar Investments
Series A (2019): $7M supported by Octopus Ventures
Series B (2020): $18.3M featuring JamJar Investments, Insurtech Gateway Ltd, CommerzVentures, and Octopus Ventures Limited
Key Investors in By Miles
JamJar Investments
JamJar Investments is a London-based venture capital fund founded by the creators of Innocent Drinks, focusing on early-stage companies in the consumer technology and FMCG sectors. They have a history of backing successful consumer-facing businesses.
Octopus Ventures
Octopus Ventures is a prominent UK-based investment firm that supports high-growth businesses across various sectors, including insurtech. They are known for providing significant capital and strategic support to their portfolio companies.
CommerzVentures
CommerzVentures is the venture capital arm of Commerzbank, investing in early-stage FinTech and InsurTech companies in Europe and the USA. They provide capital and access to financial services networks.
What's next for By Miles?
With substantial backing, By Miles is poised for accelerated growth and further innovation in the insurtech sector. The company's strategic investments will likely fuel expansion of its customer base, enhancement of its technological infrastructure, and potential development of new insurance products. By Miles' focus on a specific, underserved market segment positions it for continued success and market penetration, potentially setting new industry standards for usage-based insurance.
See full By Miles company page
