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By Miles closes £1m funding round

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Category: News
Published: 25/07/2018

The By Miles team are going from strength to strength! Last week they launched the UK’s first real-time pay-as-you-drive car insurance. This week, they have closed a £1m funding round led by JamJar Investments, the venture capital fund of the innocent drinks founders.

As one of their original investors, InMotion also participated in this round with InsurTech Gateway, the insurance-focussed incubator set up by investor Hambro Perks and Lumleys.

James Blackham, co-founder and CEO, said: “We started By Miles two years ago because we believed drivers like us were being charged way too much to insure cars they rely on but don’t drive that often, so we built a simpler and smarter way of pricing car insurance. Following our recent launch, this new round of investment means we can continue to improve the features in our app, making car ownership even easier for people that don’t drive much.”

Blackham continued: “It’s fantastic to welcome JamJar Investments on board to join us on the journey. Their experience in creating a product that’s all about honesty, integrity and putting customers first – as well supporting a range of businesses that are doing the same across many different industries – has already proven invaluable. We’re honoured that both InsurTech Gateway, InMotion Ventures and a number of our other investors have also reaffirmed their commitment to us in this round, as we push forward with our goal to make car insurance better for lower mileage drivers.”