Metromile is a company.
Metromile has raised $200.0M across 4 funding rounds.
Key people at Metromile.
Metromile has raised $200.0M in total across 4 funding rounds.
Metromile has raised $200.0M in total across 4 funding rounds.
Metromile's investors include Blumberg Capital, New Enterprise Associates, Paladin Capital Group, Cervin Ventures, Neotribe Ventures, Aaron Jacobson, R136 Ventures, Adeyemi Ajao, CoinFund, Fifth Wall, Forerunner Ventures, Founders Circle Capital.
Key people at Metromile.
Metromile is a San Francisco-based insurtech company that offers pay-per-mile car insurance, targeting low-mileage drivers with a plug-in device called the Metromile Pulse that tracks usage via the car's OBD-II port.[1] It serves urban drivers in states like Arizona, California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia, and Washington, solving the problem of overpaying for traditional insurance by charging a low base rate plus cents per mile, alongside features like smart driving insights, automated claims, and 24/7 support.[1][3] The company licenses its digital platform globally and went public via a reverse merger in 2021 before being acquired by Lemonade, Inc. in July 2022, marking strong growth in a disrupted $250 billion auto insurance market.[1][4]
Metromile was founded in 2011 in Redwood City, California, by David Friedberg and Steve Pretre, with Friedberg now serving as chairman and Dan Preston as CEO.[1][2] The idea emerged to innovate a stagnant insurance sector unchanged for 80 years, using telematics for usage-based pricing tailored to modern, low-mileage lifestyles.[1][3][4] Early traction included a 2013 move to San Francisco headquarters, new offices in Boston (2015) and Tempe (2015), and a pivotal $192 million funding round in 2016 that enabled self-underwriting of policies.[1] A 2021 public listing via reverse merger, backed by Betsy Z. Cohen who joined the board, preceded its 2022 acquisition by Lemonade.[1]
Metromile rides the insurtech wave and telematics trend, capitalizing on urban shifts to low-mileage driving post-pandemic and rising demand for personalized, data-driven insurance amid a $250 billion market ripe for disruption.[1][3][4] Timing aligns with advanced analytics and IoT adoption, enabling precise risk assessment that traditional models overlook, while promoting sustainability through reduced driving incentives.[3] It influences the ecosystem by licensing tech to incumbents, fostering hybrid models, and proving usage-based insurance's viability, as seen in its Lemonade acquisition which accelerates AI-powered claims and global expansion.[1]
Post-2022 Lemonade acquisition, Metromile's tech will likely integrate deeper into Lemonade's AI ecosystem, expanding pay-per-mile offerings beyond U.S. states and into new products like embedded insurance.[1] Trends like EV adoption, autonomous vehicles, and regulatory pushes for transparent pricing will propel growth, evolving its influence from disruptor to embedded platform leader. This positions it to redefine fair insurance, building on its founding mission to make coverage as lovable as the assets it protects.[4]
Metromile has raised $200.0M across 4 funding rounds. Most recently, it raised $90.0M Series E in July 2018.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jul 1, 2018 | $90.0M Series E | Blumberg Capital, New Enterprise Associates, Paladin Capital Group | |
| Feb 1, 2016 | $96.0M Series D | Cervin Ventures, Neotribe Ventures, Aaron Jacobson, R136 Ventures | |
| Apr 1, 2013 | $10.0M Series B | Adeyemi Ajao, Cervin Ventures, CoinFund, Fifth Wall, Forerunner Ventures, Founders Circle Capital, Neotribe Ventures, Aaron Jacobson, R136 Ventures, Renegade Partners, Science, Marco DeMeireles, TCV, White Star Capital, Sean Flynn | |
| Jun 1, 2011 | $4.0M Series A | Cervin Ventures, Neotribe Ventures, Aaron Jacobson, R136 Ventures |
