By Miles, a London, UK-based insurtech startup, raised £350k in funding.
Backers included InMotion Ventures, Hambro Perks and other angel investors.
The company intends to use the funds to continue to develop its technology and hire new people.
Co-founded by James Blackham and Callum Rimmer, By Miles provides a pay-per-mile can insurance product, which is in private beta with selected testers. The company’s monthly subscription will cover a car when it’s parked and it will only charge customers for the exact number of miles they drive.
By Miles’s pruduct is expected to be launched soon.