Car insurance platform By Miles has reportedly netted a £350,000 investment from investors including InMotion Ventures.
Hambro Perks also made a commitment to the funding, among several angel investors, according to several media reports.
The London-based company is a pay-by-mile insurance provider, offering monthly subscriptions to cover cars whilst they are parked and only charging for the number of miles driven.
The platform, which is due to launch soon, will use a free ‘Miles Tracker’ placed in the car to measure the distance travelled. The user is then able to use a mobile app to check all of their journeys.
This funding will be used to expand and develop its technology, as well as hiring more staff, according to the reports.
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