What is By Miles?
By Miles operates at the intersection of fintech and mobility, offering a disruptive pay-per-mile car insurance solution. By decoupling the cost of insurance from static annual premiums, the company provides a transparent, cost-effective alternative for low-mileage drivers who typically cover less than 7,000 miles annually. The platform utilizes a sophisticated mobile application and an optional Miles Tracker to monitor usage in real-time, ensuring that policyholders pay only for the time their vehicle is actively on the road. This model not only enhances affordability but also aligns with the growing consumer demand for usage-based insurance products that reflect modern driving habits and environmental consciousness.
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
Octopus Ventures
Octopus Ventures is a prominent UK-based investment firm specializing in tax-efficient vehicles and venture capital trusts, managing significant assets to support high-growth potential businesses.
JamJar Investments
Founded by the creators of Innocent Drinks, JamJar Investments focuses on early-stage consumer technology and FMCG sectors, providing strategic guidance to high-growth startups.
CommerzVentures
As an independent venture capital firm, CommerzVentures targets early-stage fintech and insurtech companies, offering deep expertise and access to key decision-makers in the financial services industry.
What's next for By Miles?
With the recent infusion of capital, By Miles is well-positioned to accelerate its product development and deepen its market penetration. The strategic focus will likely shift toward enhancing the user experience through advanced machine learning capabilities and expanding the integration of their telematics technology. As the company continues to scale, it will likely explore further partnerships within the automotive and financial services sectors to solidify its competitive advantage. The ongoing support from high-profile venture capital firms suggests a long-term commitment to establishing By Miles as the standard-bearer for flexible, data-driven insurance solutions in an increasingly digital-first economy.
See full By Miles company page
