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Metromile
Pay-per-mile car insurance
- 101-200 employees
- B2C
- Cars
- Transport
- Productivity
- Insurance
- South Beach, San Francisco, CA
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Company mission
To empower drivers by creating a more connected and informed car ownership experience.
2% employee growth in 12 months
Our take
Founded in 2011, digital-native insurance platform Metromile is hoping to modernize and personalize auto insurance. Its pay-per-mile model aims to make policy prices fairer than more traditional estimate-based pricing. As an additional revenue stream, they also license out their platform under SaaS arrangements to insurance companies globally.
Metromile’s stock price has taken a knocking along with other insurtech companies since going public in early 2021. The company, however, continues to steadily improve its performance, expanding across different states and comfortably attracting and retaining new customers. It is well-funded, and with plans to bundle home insurance policies and accept Bitcoin payments, they are making exciting new developments.
In spite of this strong performance, however, other players still dominate the pay-per-mile auto insurance market. Allstate Corp for example, who offer a similar pay-per-mile service, are the country’s fourth largest auto insurer. Nevertheless, the future of auto insurance is broadly expected to favor this new model - the spike in uptake it saw over the pandemic will only accelerate the shift.
Steph
Company Specialist at Welcome to the Jungle
Benefits
- Work from home opportunities
- Health insurance
- Restricted stock units for every employee
- Wellbeing reimbursement
- Home office equipment
- Annual anniversary gifts (5 yr. - 6 week paid sabbatical)
- 12 paid weeks of leave for childbirth/adoption
- 401K with employer match
Funding (last 2 of 6 rounds)
Jul 2018
$90m
SERIES E
Sep 2016
$153m
SERIES D
Total funding: $391m
This company has top investors
Leadership
David Friedberg
(Chairman)They studied Astrophysics at Berkeley before moving into investment banking. They were Corporate Development & Business Product Manager at Google and founder of The Climate Corporation. They sit on the boards of a number of companies, including Brightloom and UR Labs.