Metromile, the US-based provider of a pay-per-mile automotive insurance service, revealed yesterday it has raised $191.5m in the past two years, from investors including diversified conglomerate Mitsui and insurer China Pacific Insurance Group (CPIC).
Founded in 2011, Metromile offers car insurance priced according to the distance a customer drives, as well as a smart driving app and in-car telematics system that gives drivers detailed information on their travel.
The capital was provided by Mitsui, CPIC, insurance firm Intact Financial, Index Ventures, New Enterprise Associates (NEA), First Round Capital, SV Angel, entrepreneur Mark Cuban and Metromile founder and chairman David Friedberg.
Metromile did not disclose which investors took part in which round but said it raised $38.4m in series C funding in late 2014 before closing a $103.1m series D round. CPIC latterly added $50m in the form of a strategic investment.
The company is present in California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia and Washington State, and the funding will support expansion. It also plans to acquire an insurance carrier, which will enable it to underwrite its own policies and manage the claims process itself.
Dan Preston, Metromile’s CEO, explained: “Closing this financing round not only accelerates our nationwide expansion but allows Metromile to operate as an end-to-end insurance company which includes providing our customers a fully seamless claims experience.
“This foundation, coupled with our expertise in technology, will allow us to deliver exciting new features to our drivers that make car ownership easy, personal and affordable while providing an exceptional customer experience.”
Karim Hirji, senior vice-president of international and ventures for Intact Financial, said: “Our goal, in partnering with Metromile, was to build a relationship that would allow both organisations to strengthen their core competencies in order to enhance the customer experience.
“We look forward to this ongoing collaboration as Metromile redefines the marketplace with its unique business model, innovations and smart technology offerings.”
Metromile had previously raised $4m in a 2012 series A round featuring venture capital firms NEA, Index Ventures, First Round Capital and SV Angel.
The company subsequently closed $10m in series B funding in 2013 from its series A backers as well as AmTrust Ventures, the strategic investment arm of insurance group AmTrust Financial Services, Felicis Ventures and Allen and Company.