• FOUNDING YEAR: 2011
    LOCATION:
    United States
    REGION:
    California
    Last Update:
    18 Oct, 2019

Description

FOCUS

PRODUCTS & SERVICES:
A pay-per-mile insurance cover with an app to make claim and communication easy.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
Retail vehicle insurance customers
EXISTING PARTNERSHIPS:
Uber - to provide personal/commercial per-mile car insurance plan for Uber drivers
PRIMARY PROBLEM SOLVED:
The service aims to reduce car insurance prices for drivers.
COMMENT
Metromile’s companion app help drivers remember where they parked, avoid street-cleaning tickets, optimize their fuel efficiency and know when to commute for the lightest traffic.

PEOPLE

FOUNDERS:
David Friedberg, Steve Pretre
Board Members and Advisors:
Krishna Kolluri, Neil rimer
NUMBER OF EMPLOYEES:
51-200
INVESTORS:
Tokio Marine Holdings, Intact Financial, Index Ventures, Future Fund, Section 32, New Enterprise Associates, First Round Capital, Mitsui & Co, SV Angel, China Pacific Insurance, Acequia Capital, Felicis Ventures, Neotribe, David Friedberg

TRACTION

COMMENT:
Metromile is expanding across the US, and currently empowering drivers in California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia and Washington.

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$245.5 Millions
DATE OF LAST FUNDING:
Jul 2018
TOTAL FUNDING COMMENT:
The company has plans to use the funds to expand its pay-per-mile insurance and to simplify every step of the insurance experience through the use of artificial intelligence (AI) in claims processing. (July 2018)
FUNDING SERIES:
SERIES A
$4 Millions Closed: Dec 2012
SERIES B
$10 Million Closed: Apr 2013
SERIES C
$38.4 Millions Closed: Nov 2014
SERIES D
$103.1 Millions Closed: Sep 2016
SERIES E
$90 Millions Closed: Jul 2018
STRATEGIC INVESTMENT:
$50 Millions
LISTED:
NO

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