It is a proud moment for us at the Gateway, as our very first portfolio company raises £15m in their Series B funding round, led by CommerzVentures. We are glad we played our part in the early incubation of this epic business. Having believed in the founders from the very beginning, it was amazing to see the company grow, winning the hearts of their customers along the way.
By Miles, the UK’s first real-time pay-by-mile car insurance provider, are on a mission to make insurance fairer for the UK’s 19 million low mileage drivers – if you drive less, you pay less. Their customers have already driven over 39m miles since its launch in July 2018, having sold 20,000 policies in that time.
Our co-founder Robert Lumley said,
“It is the skilful management and superb operational execution that give By Miles the ability to deliver on their vision. Their critical insurance metrics are strong, with a claim frequency below the norm for annual motor policies. By Miles are poised to scale rapidly, with a clear advantage for both the customer and insurer. Hailing the mainstream adoption of on-demand pricing to the sector.”
By Miles saw its highest ever sales week in April, the investment will be used to scale the business to support growing consumer interest in flexible car insurance models during lockdown and beyond.
James Blackham, co-founder and CEO of By Miles, said:
“This crisis has shown UK drivers what we’ve known for a while: the way car insurance works now isn’t working for everyone. They’re rightly questioning why they should pay for insurance they’re not able to use, and asking why traditional car insurers can’t provide a flexible alternative to meet their needs.”
If you think the Insurtech Gateway could help launch your startup or you simply want to come in for an informal chat, please get in touch.