Metromile

insurtechiot-preventive insurance/telematics

FOUNDING YEAR: 2011
LOCATION:
Last Update: 03/07/2020

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About

Metromile provides pay-per-mile car insurance. The startup has created a device that captures mileage data to determine how much a person should pay for their car insurance policy. Free plug-in device turns ordinary cars into smart cars. The device works with Metromile’s smartphone app (Metronome), which diagnoses the health of the car, location and offers tips to help the user with their daily commute.

Focus

PRODUCTS & SERVICES

A pay-per-mile insurance cover with an app to make claim and communication easy.

REVENUE MODEL

The company charges monthly base rate and per-mile rate at the end of each monthly cycle.

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.

Traction

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

$293 M

DATE OF LAST FUNDING

Oct 2019

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 M  · Jun 2011

SERIES B  · $10 M  · Apr 2013

SERIES C  · $40 M  · Feb 2015

SERIES D  · $96 M  · Feb 2016

SERIES E  · $93 M  · Jul 2018

OTHERS  · $50 M · Sep 2016

STRATEGIC INVESTMENT

$50 M

LISTED

NO

BASICS

FOUNDING YEAR:

2011

LOCATION:

Views:

701 VISITORS | 1229 VIEWS
LATEST FUNDING ROUND

$293 M

TOTAL EMPLOYEES
51-200

About

Metromile provides pay-per-mile car insurance. The startup has created a device that captures mileage data to determine how much a person should pay for their car insurance policy. Free plug-in device turns ordinary cars into smart cars. The device works with Metromile’s smartphone app (Metronome), which diagnoses the health of the car, location and offers tips to help the user with their daily commute.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

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