On a mission to get the UK’s 19 million low-mileage drivers the best deal, ByMiles has just closed a £5m funding round led by Octopus Ventures. This will help fund their customer-centric approach to car insurance and enable them to build on a successful 2018, a year in which they launched to the public, welcomed thousands of customers, achieved a rating of 9.7 on Trustpilot and just hit one million miles covered by their policies.
InMotion has been supporting the technology start-up since 2017, alongside InsurTech Gateway, the insurance-focused incubator set up by investor Hambro Perks and Lumleys, and JamJar, the venture capital fund from the founders of innocent drinks.
James Blackham, co-founder and CEO of By Miles, said: “Those who don’t drive as much are being treated unfairly. They’re charged more to subsidise the insurance of higher mileage drivers. We’re using tech to stop people being overcharged for their car insurance. At the same time we also want to change the way the industry interacts with its customers. It hasn’t got the best reputation!
“This investment will allow us to bring the benefits of pay-by-mile to the 19 million low mileage drivers out there that may not have already discovered the fairer way to pay.
We will continue to place customer experience at the heart of this new wave of car insurance, improving the tech, the level of service and expanding our team. We’re proud to be putting customers first, only charging for miles driven and making car ownership more affordable. And reaching our millionth mile shows this approach is something UK drivers really want.”
Congratulations to the ByMiles team!
Find out more about By Miles on their website, here.
For more information on their recent funding round, see their blog post here.