# By Miles

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/by-miles

- Industry: Software
- Headquarters: London, UK
- Website: www.bymiles.co.uk
- Total disclosed funding: $27M
- Latest round: Series B (May 20, 2020)
- Investors on record: 6

## About

By Miles Ltd. is a UK-based insurance provider specializing in pay-per-mile car insurance, catering specifically to low-mileage drivers through a unique pricing model.Founded in 2016, By Miles Ltd. operates from its headquarters in London, UK, and focuses on providing innovative car insurance solutions. The company was co-founded by Callum Rimmer and James Blackham, who both have backgrounds in entrepreneurship. In May 2020, By Miles secured GBP 15.00 million in SERIES B funding led by CommerzVentures, valuing the company at GBP 72.04 million post-money. To date, the firm has completed 4 deals, with the latest funding round seeing participation from InsurTech Gateway, JamJar Investments, and Octopus Ventures.By Miles offers a unique pay-per-mile car insurance policy primarily targeting low-mileage drivers in the UK, specifically those who drive less than 7,000 miles annually. The core product, the By Miles insurance policy, utilizes a telematics device called the Miles Tracker, which plugs into the vehicle's OBD-II socket to accurately track mileage. This approach allows customers to pay a fixed annual fee for coverage against theft and damage while parked, along with a variable cost based on actual miles driven. The services are designed to provide comprehensive insurance coverage while enabling users to manage their costs effectively through a smartphone app or online dashboard, serving individual customers throughout the UK, including urban drivers and those who primarily use their vehicles for occasional trips.By Miles generates revenue through a dual-structured pricing model that includes an upfront annual fee for vehicle coverage when parked and a variable per-mile rate based on actual driving. For the year 2023, the company's revenue amounted to GBP 5,814,550.90. Customers subscribe to this insurance service, paying monthly premiums that reflect their driving habits. This model enhances customer engagement through features such as real-time journey cost tracking and self-service policy adjustments via their mobile app. The Miles Tracker facilitates accurate mileage data collection, essential for determining insurance premiums, aligning with the needs of low-mileage drivers and ensuring they are not subsidizing the expenses of higher-mileage users.By Miles plans to further innovate its product offerings and enhance customer experience by developing new features for the Miles Tracker and its insurance policies. Following the SERIES B funding round in May 2020, the company is expected to utilize the GBP 15.00 million raised to expand its market reach, particularly targeting low-mileage drivers in additional regions of the UK. Future initiatives may include entering new geographic markets, scaling its technology capabilities, and potentially launching new products that cater to evolving customer needs.

## Funding rounds

- Series B, May 20, 2020, $18M — Commerzbank, JamJar Investments, Octopus Investments, InsurTech Gateway
- Series A, Feb 22, 2019, $6.5M — JamJar Investments, Octopus Investments, InMotion Ventures, InsurTech Gateway
- Seed, Mar 1, 2018, $1.4M — JamJar Investments, Salica Investments, InMotion Ventures
- Seed, Apr 3, 2017, $0.5M — Salica Investments, InMotion Ventures

## Investors

- Salica Investments (https://capitalatlas.ai/funds/salica-investments) — Seed
- InMotion Ventures (https://capitalatlas.ai/funds/inmotion-ventures) — Seed, Series A
- JamJar Investments (https://capitalatlas.ai/funds/jamjar-investments) — Seed, Series A, Series B
- Octopus Investments (https://capitalatlas.ai/funds/octopus-investments) — Series A, Series B
- InsurTech Gateway (https://capitalatlas.ai/funds/insurtech-gateway) — Series A, Series B
- Commerzbank (https://capitalatlas.ai/funds/commerzbank) — Series B