SAN FRANCISCO — Metromile, a pioneer of pay-per-mile car insurance in the United States, has raised $191.5 million in funding to expand nationwide and acquire an insurance carrier. This will allow Metromile to underwrite its own policies and manage the entire claims process from start to finish, providing customers a faster, more fair and seamless claims experience.
Intact Financial, CPIC, Index Ventures, New Enterprise Associates (NEA), First Round Capital, Mitsui, SV Angel, Metromile Founder and Chairman David Friedberg and Shark Tank entrepreneur Mark Cuban participated in the company’s recent financing events. The Series D funding closed for $103.1 million plus an additional strategic investment for $50 million from CPIC. In late 2014, Series C financing closed for $38.4 million. The total capital raised by Metromile is $205.5 million.
“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,” said Dan Preston, CEO at Metromile. “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.”
“Our goal, in partnering with Metromile, was to build a relationship that would allow both organizations to strengthen their core competencies in order to enhance the customer experience,” said Karim Hirji, Senior Vice-President, International & Ventures, Intact Financial Corporation. “We look forward to this ongoing collaboration as Metromile redefines the marketplace with its unique business model, innovations and smart technology offerings.”
“Metromile is a proven leader in usage-based insurance technology,” said CPIC Property. “Our relationship with Metromile gives us the opportunity to more closely understand the pay-as-you-drive model, allowing us to create more innovative products and a better service experience for the younger and digitalized generation of the future.”
Metromile is licensed nationwide but currently underwriting policies in NJ, OR, and PA, and will underwrite policies in CA, IL, VA and WA in the coming weeks. In the event that customers need to file a claim, each customer will have a dedicated claims representative to ensure the claim gets filed quickly and fairly. Metromile’s claims team is comprised of industry experts with over 20 years of experience at major insurance companies, with both extensive knowledge of best practices as well as innovative plans to improve the experience. Additionally, as a technology-driven company, Metromile will also be introducing new updates and features that will continuously improve the experience.