$205.5 million poured into Metromile since inception

Note Metromile’s new fine print.



The Gist: the San Fran-based pay-per-mile insurer announced it has acquired Mosaic Insurance in a deal worth $22 million; probably more for its licenses in 50 states than for its brand equity. Metromile, which till now acted as an MGA having its products underwritten by National General Insurance, will have full control on the entire underwriting and claims process for the sake of an improved customer experience. Now that’s big.

Here’s a look at the company’s funding rounds:


Also, Metromile plans to use the remaining balance to transition from a technology provider operating in 7 states: California, Oregon, Washington, Illinois, Virginia, Pennsylvania and New Jersey, to a full-fledged car insurance company operating in 50. In US, the closest competitor to Metromile is the emerging MGA startup called Slice, which plans to offer ‘coverage by the slice’ for the on-demand economy. Recall: Metromile partnered with Uber to offer ridesharing coverage in 3 states, which for the time being will continue to be underwritten by National General.

BTW, if you’ve ever wondered why @TheZebraCo is tweeting @Metromile, perhaps it’s because they share an investor that goes by @mcuban. You know the guy.