By Miles Raises £1M in Seed Funding

London-based By Miles, which offers pay-per-mile car insurance underwritten by AXA, has raised £1m in a seed round, bringing its total funding to date to £1.3m. The round was led by JamJar Investments, which also invested in Deliveroo, UK’s leading food delivery service and a partner of Zego – a provider of pay-as-you-go insurance.

The startup officially launched last week and is targeting drivers who travel under 7,000 miles a year. Get a feel for its flow here.

“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.” – Cofounder and CEO, James Blackham.

“As soon as we heard about By Miles, we knew we wanted to get involved. Although car insurance is not exactly a purchase everyone looks forward to making, the team at By Miles are changing that: their pricing is smarter, their customer service better, and their app gives you useful driving tools as well as a policy with added benefits. They’re set to shake up the car insurance market.” – Cofounder of JamJar Investments, Jon Wright.