UK’s first real-time pay-by-mile car insurance provider secures £5m in Series A funding

London-based car insurance company By Miles has secured £5m in Series A funding led by European venture capital firm Octopus Ventures.

By Miles has been offering the UK’s first real-time pay-by-mile insurance solution since its launch in July 2018, with a focus on offering a customer-centric low-cost insurance alternative for low mileage drivers.

The Series A funding will enable the insurtech startup to invest in the development of its technology and customer service functions, such as its in-app claims handling.

As well as Octopus Ventures, the company has secured funding commitments from existing investors JamJar Investments (the fund created by the founders of innocent drinks), InMotion Ventures (the investment arm of Jaguar Land Rover) and original investors Insurtech Gateway.

Malcolm Ferguson, principal and early stage investor at Octopus Ventures, said: “Teaming up with By Miles was a no brainer for us; they have already had a huge impact on the car insurance market with their customer-first approach.

“They are set to change the car insurance market for good and we want to help them do just that.”