By Miles clocks up £15m

London-based insurtech By Miles has raised £15m under plans to scale up the connected motor insurance provider as it reported its highest ever sales during April.

The Series B funding round was led by CommerzVentures and supported by existing investors Octopus Ventures, Insurtech Gateway and JamJar investments.

By Miles which was launched in July 2018 provides real-time pay-by-mile car insurance for customers driving under 7000 miles a year. It claims to have sold 20, 000 polices since its inception. The policy involves a fixed upfront cost to cover the car while it’s parked along with an individual per-mile rate to cover any driving.

James Blackham, co-founder and CEO, commented: “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.”

“Our pay-by-mile car insurance provides lower mileage drivers with a flexible, lower cost policy that drivers can track in real-time. We’ve already proved this is something UK drivers want, hitting over 38 million miles insured. And, we only expect to see demand growing as driving habits shift while we work our way back to a new normal post lockdown.”

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