We’ve been a little silent on the news front lately but it’s because we’ve been building up to this announcement. Today, we are thrilled to announce $191.5 million in funding, bringing our total capital raised to $205.5 million. Investors like Intact Financial, CPIC, Index Ventures, New Enterprise Associates (NEA), First Round Capital, Mitsui, SV Angel, Metromile Founder and Chairman David Friedberg and well-known entrepreneur Mark Cuban participated in our recent financing events.
We’ll use the money to fuel growth initiatives, advance nationwide expansion and acquire an insurance carrier. Yep, you read that correctly- Metromile has acquired an insurance carrier meaning that we will underwrite our own policies and manage the entire claims process from start to finish, providing our customers a faster, more fair and seamless claims experience.
Metromile is licensed nationwide but as of today, we’re underwriting policies in NJ, OR and PA, and will underwrite policies in CA, IL, VA and WA in the coming weeks. If you’re a customer, you’ll be able to take advantage of this when your policy renews (we’ll send a note as this time approaches). With the new and improved claims experience, if a customer needs to file a claim, they will have a dedicated claims representative to ensure the claim gets filed quickly and fairly. Our claims team is comprised of industry experts with over 200 combined years of experience at major insurance companies, with both extensive knowledge of best practices as well as innovative plans to improve the experience. As a technology-driven company, we’ll also be introducing new updates and features that will continuously improve the experience.
Now that the cats out of the bag, you can expect to hear more from us as we focus on rapid state expansion in the coming year. Sign up for our waitlist if you would like to be notified when we arrive in your state! To see more announcements from Metromile, visit our Press page. And if you are interested in our pay-per-mile insurance offering, you can learn more here.