By Miles, a UK-based pay-by-mile car insurance provider, has raised £15 million in Series B funding led by CommerzVentures.
Existing investors Octopus Ventures, Insurtech Gateway and JamJar investments also committed further investment funds.
The company, which pitches its policies at those who drive fewer than 7,000 miles a year, had its strongest sales week ever in April, as UK drivers in lockdown scoured the market for cheaper deals.
By Miles launched its first pay-by-mile policies in July 2018, using a plug-in device called a Miles Tracker to count mileage, and has now sold over 20,000 policies.
Paul Morgenthaler, partner at CommerzVentures, says: “Car insurance needs a shake-up if it’s going to remain relevant in a world of semi-autonomous, connected and electric cars.
"And in the current climate, insurers can’t ignore that - drivers want more flexibility and fairer pricing. Our job is to support the growth of companies with the potential to redefine and modernise insurance."