What is By Miles?
By Miles operates as a specialized pay-by-mile car insurance provider, fundamentally challenging traditional premium structures. By targeting low-mileage drivers—typically those covering fewer than 7,000 miles annually—the company utilizes a dual-pricing model that combines a fixed annual fee for parked vehicle coverage with a variable per-mile rate. This model is supported by proprietary telematics, including a plug-in Miles Tracker or direct vehicle integration, which feeds data into a mobile-first dashboard. By aligning insurance costs directly with vehicle usage, By Miles addresses a significant market inefficiency, providing a transparent and equitable alternative to conventional annual policies in the UK insurance sector.
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 Octopus Ventures Limited, CommerzVentures, Insurtech Gateway Ltd, and JamJar Investments
Key Investors in By Miles
Octopus Ventures
A prominent UK-based venture capital firm managing significant assets, specializing in tax-efficient investment vehicles and supporting high-growth companies across various sectors.
CommerzVentures
The independent venture capital arm of Commerzbank, focusing on backing high-potential FinTech and InsurTech startups across Europe, Israel, and the United States.
JamJar Investments
A London-based venture capital fund founded by the creators of Innocent Drinks, targeting early-stage consumer technology and FMCG companies with a focus on disruptive business models.
What's next for By Miles?
Following the recent strategic investment, By Miles is well-positioned to accelerate its market penetration and enhance its digital infrastructure. The company's focus remains on optimizing its telematics-driven pricing algorithms and expanding its footprint among cost-conscious drivers. As the firm transitions from its earlier growth phases into a more mature enterprise-level operation, strategic priorities will likely include deepening its integration with connected vehicle ecosystems and potentially exploring broader insurance product diversification. The backing from seasoned venture capital firms provides the necessary runway to maintain its competitive edge against legacy insurers while continuing to refine its customer-centric, data-driven service model.
See full By Miles company page
