We’ve just received funding of £350,000, featuring investment from Jaguar Land Rover subsidiary InMotion Ventures, Hambro Perks and a number of other angel investors.
This investment is a vital step in preparing us for the launch of our comprehensive pay-per-mile policies, which we’re hoping will be later this year, and it presents some exciting new opportunities for us too.
What are we doing right now?
We’re two-thirds of the way through our beta trial, and our 100 trial drivers have already driven over 50,000 miles between them. Which is huge. Thanks to the feedback from the trial, we’ve been able to continue to iron out any issues with our app and Miles Tracker to ensure they work perfectly, and it’s helping us work out what customers will want and how they are using the app. We’re designing everything to be as easy and straightforward to use as it can be.
Behind the scenes, we’re building out our claims process, so that if the worst happens and you need our help, we can make it a smooth and hassle-free experience.
What does this new funding mean?
This investment will help us gear up for launch, bring in new staff and put the finishing touches on our products.
The support from InMotion Ventures, a VC fund powered by Jaguar Land Rover, will mean we can start looking at providing support for connected and self-driving vehicles too. Our insurance is perfect for connected and automated vehicles because the driving data we need is already there – it’s just a case of our platform converting that data into smarter pricing for drivers.
What’s next?
We’re in the process of getting regulated by the Financial Conduct Authority (this is something we need in order to be able to sell insurance), and working with underwriters to make sure we can offer the best protection at the best price.
Keep your eye out for more news and announcements in the coming weeks.
Thanks for your continued support, we can’t wait to launch and make your driving lives easier, smarter and better – by miles.
Recommended reading (about By Miles in the press)
- TheTimes.co.uk – ‘only pay for miles travelled with new car insurance’
- Gizmodo.co.uk – ‘pay per mile car insurance startup hopes to launch this year’
- AutoExpress.co.uk – ‘UK’s first pay per mile car insurance policy coming this year’
- InsuranceAge.co.uk – ‘Insurtech futures pay per mile broker gets £350,000 investment’
