Metromile Inc., a San Francisco based car insurance startup, raised $90m in Series E funding.
The round was co-led by Tokio Marine Holdings and Intact Financial, with participation from existing and new investors New Enterprise Associates, Index Ventures, Future Fund and Section 32.
The company plans to use the funds to expand pay-per-mile insurance and simplify every step of the insurance experience through the use of artificial intelligence (AI) in claims processing.
Led by Dan Preston, CEO, Metromile is a car insurance startup that leverages technology and a pay-per-mile insurance model to offer car insurance, based on the miles the client actually drives, data to optimize how they use their car, and instant access to detailed vehicle diagnostics via the driving app.
The company is currently available in eight states, including Ariz., Calif., Ill., N.J., Ore., Pa., Va., and Wash.
Metromile is also announcing the appointment of Stacy J. Smith as Independent Director to Metromile’s Board of Directors.