Metromile parks $103.5m for pay-by-the-mile car insurance

Pay-per-mile car insurance firm Metromile has landed $103.5m in a Series D round of funding.

The capital comes from Canadian insurer Intact Financial and China Pacific Insurance (CPIC), as well as VCs Index Ventures, New Enterprise Associates (NEA), First Round Capital, Mitsui and SV Angel.

The funding will be used to facilitate the acquisition of insurance carrier Mosaic Insurance.

This will allow Metromile to underwrite its own policies and manage entire claims for consumers.

The capital will also be used to develop its platform and expand its footprint in the US beyond New Jersey, Oregon, Pennsylvania and Virginia into California, Illinois and Washington.

Metromile CEO Dan Preston said, “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.”

The company’s pay-as-you-go style insurance policies are aimed at less-frequent drivers and designed with decreasing car-ownership and the rise of autonomous vehicles in mind.

The round brings the company’s total funding to $205.5m with CPIC making a $50m strategic investment in the firm last August.

Copyright © 2016 FINTECH GLOBAL

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