What is By Miles?
By Miles offers a distinctive and cost-effective car insurance solution tailored for drivers who cover fewer miles annually, typically under 7,000. Their model operates on a dual structure: a fixed annual fee covers the period the car is parked, complemented by a variable cost calculated per mile driven. This approach ensures fairer pricing for infrequent drivers. The company leverages a proprietary app and an optional Miles Tracker to empower users to monitor their mileage and manage their policies with ease and transparency. This innovative strategy positions By Miles as a disruptor in the traditional car insurance market, appealing to a segment of consumers seeking more personalized and economical coverage.
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 Hambro Perks and InMotion Ventures
Angel/Seed (2018): $1.2M led by JamJar Investments
Series A (2019): $7M supported by Octopus Ventures
Series B (2020): $18.3M featuring Insurtech Gateway Ltd, CommerzVentures, JamJar Investments, and Octopus Ventures Limited
Key Investors in By Miles
JamJar Investments
JamJar Investments is a London-based venture capital fund known for investing in early-stage consumer technology and FMCG companies. Founded by the creators of Innocent Drinks, they have a track record of backing successful startups in the consumer space.
CommerzVentures
CommerzVentures is the venture capital arm of Commerzbank, focusing on early-stage FinTech and InsurTech companies in Europe, Israel, and the USA, typically investing from Series A onwards.
Octopus Ventures
Octopus Ventures is a prominent UK-based investment firm that supports early-stage companies across various sectors, including insurtech, with a focus on scalable businesses and technological innovation.
What's next for By Miles?
The recent major strategic investment signals a pivotal phase for By Miles, likely enabling the company to accelerate its expansion, enhance its technological infrastructure, and broaden its customer acquisition efforts. With a clear focus on the low-mileage driver segment, the company is well-positioned to capture a growing market share. Future developments may include further refinement of its app and tracking technology, potential expansion into new geographic markets, and strategic partnerships to bolster its service offerings. The sustained capital infusion suggests a strategic push towards scaling operations and solidifying its competitive advantage in the insurtech landscape.
See full By Miles company page
