CommerzVentures, the venture capital arm of financial services firm CommerzBank, led a £15m ($18.3m) series B round for UK-based flexible automotive insurance provider By Miles on Friday.
Octopus Ventures, Insurtech Gateway and JamJar Investments also participated in the round, which increased the company’s overall funding to more than $26m.
Founded in 2016 as Just Miles, By Miles provides comprehensive car insurance policies billed on a pay-by-mile basis. It has sold 20,000 policies and insured 38 million miles to date, having recorded an increase in sales last month due to the lockdown associated with the Covid-19 pandemic.
By Miles’ co-founder and CEO, James Blackham, said: “We are thrilled that CommerzVentures are joining us to bring our fairer kind of car insurance to even more drivers. They bring considerable experience of scaling new insurance businesses, and we look forward to working with them as demand for pay-by-mile grows.”
Octopus Ventures led By Miles’ $6.6m series A round in March 2019, investing alongside carmaker Jaguar Land Rover’s InMotion Ventures unit, Insurtech Gateway and JamJar Investments.
The latter three had already taken part in the company’s $1.3m seed round in mid-2018. Its earliest funding was a $455,000 round backed by InMotion Ventures, Hambro Perks and angel investors in 2017.
