By Miles
Car insurance you pay by the mile.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor investor investor | €0.0 | round |
| investor investor | €0.0 | round | |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
| investor investor investor investor | €0.0 | round | |
| investor | €0.0 | round | |
* | N/A | Acquisition | |
| Total Funding | 000k | ||
| GBP | 2016 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 |
| % growth | - | - | 49 % | 17 % |
| EBITDA | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | - | (130 %) | (103 %) | (133 %) |
| Profit | 0000 | 0000 | 0000 | 0000 |
| % profit margin | - | (132 %) | (106 %) | (143 %) |
| EV | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
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By Miles operates as a managing general agent in the UK's insurtech sector, focusing on a pay-by-mile car insurance model tailored for low-mileage drivers. The company was established in 2016 by James Blackham and Callum Rimmer. Blackham, who serves as CEO, previously spent 12 years at Goldman Sachs specializing in insurance and developing a new web platform, where he met Rimmer. This background in both insurance and technology informed the creation of a fairer, data-driven insurance product.
The firm's business model is straightforward: customers pay a fixed annual fee to cover the car while it's parked, and then a variable per-mile rate for the distance actually driven. This structure is designed to offer a more cost-effective solution for those who drive less than 7,000 miles per year. To facilitate this, customers are sent a small telematics device, the Miles Tracker, which plugs into their car and syncs with a mobile app to provide real-time journey data and cost tracking. For certain 'connected car' models like Teslas, the company can pull mileage data directly from the car's mileometer, eliminating the need for any hardware.
By Miles functions as a Managing General Agent (MGA), meaning it designs and sells the insurance policies while the underwriting risk is carried by an established insurer. Prior to its acquisition, Direct Line Group was already the underwriter for By Miles' new business. The company has demonstrated significant traction, having sold over 100,000 policies and writing £26 million in gross written premium by early 2023. The business secured a total of $27 million in funding across four rounds, including a $18.6 million Series B round in May 2020 led by CommerzVentures. In April 2023, By Miles was acquired by Direct Line Group for an undisclosed sum, a move intended to combine Direct Line's underwriting expertise with By Miles' connected car platform.
Keywords: pay-per-mile insurance, insurtech, telematics, car insurance, usage-based insurance, low-mileage drivers, MGA, connected car, auto insurance, Direct Line Group
