Metromile Raises $10M More for Per-Mile Car Insurance
Metromile revealed in a regulatory filing yesterday that they have raised $10M in a round of funding. They previously raised $4M in December 2012 from New Enterprise Associates, Index Ventures, First Round Capital and others. The service offers the first ever pay-per-mile car insurance which does exactly what is says charging drivers only for the miles they actually drive.
Metromile customers put a sensor in their car which detects the distance travelled and sends them a monthly bill. The company initially launched to customers in Portland, Oregon due to regulatory restrictions but the team is based in the San Francisco Bay Area. It looks like it still isn't available in my neighborhood.
According to a writeup in the New York Times:
The company says that its ideal consumer, someone who drives 5,000 to 8,000 miles a year, can save 25 percent to 30 percent a year, compared with conventional auto insurance.
The company's management team roster includes David Friedberg, founder and CEO of the Climate Corporation (also an NEA/Index investment) as Chairman of the of Board and according to LinkedIn the company currently has 13 employees.