Mile Auto, a US-based InsurTech startup offering pay-per-mile car insurance, has reportedly raised $4m.
A report by Coverager stated that the round brings the company total funding raised to $17m.
Founded in 2017 and launched in 2019, Mile Auto is an InsurTech that leverages computer vision and decision analytics to support pay-per-mile auto insurance offerings. The company is based in Atlanta. Its coverage its relevant to those who drive fewer than 10,000 miles a year.
The company raised $10.3m in seed funding in May last year.
Ulu Ventures, Emergent Ventures, Thornton Capital and Sure Ventures all joined the seed round.
At the time, Mile Auto said capital from the round will be used to grow the reach of its insurance, with it hoping to expand its footprint in the US insurance market. Mile Auto also said it planned to hire more staff, add new distribution channels, onboard white-label partners and expand its automaker network.
Alongside the seed funding round last year, Mile Auto also announced a partnership with Ford Motor Company to save Ford owners on auto insurance rates.
Earlier this year, Mile Auto integrated telematics solutions from Verisk, a global data analytics provider, to help low-mileage drivers easily access affordable usage-based car insurance.
The company reportedly said, ?With Mile, you only pay for the miles you drive plus a low monthly base rate. At the end of the month, you send us the number of miles youve driven. We add those miles at your per-mile rate to your base rate, and that what you pay. It really is that simple. For example, Fred has a base rate of $48 and a per mile rate of $0.08. He drove 300 miles this month, so his monthly total is $72 his $48 base rate plus $24 (300 miles at 8 per mile).p>
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