Miles raises $12.5 million
CA-based transportation rewards app Miles has raised $12.5 million in a Series A round that included Aioi Nissay Dowa Insurance , Japan Airlines (JAL), Liil Ventures, Porsche Ventures, Scrum Ventures, Synapse Partners, TechNexus Venture Collaborative and Translink Capital.
Founded in 2016, Miles is a smartphone app that automatically logs a user’s miles traveled on all modes of transportation including biking, walking, transit, and rideshare. The miles can be redeemed for rewards from national retailers and local event venues.
Aioi Nissay Dowa Insurance (part of MS&AD) is not only an investor but also a partner (we covered this initiative in our recent research report titled Policies & Perks: Leveraging the Neutral Nature of Insurance).
Bottom Line: According to our recent 2nd Annual Insurer-Investor Report, created in collaboration with OnRamp Insurance, MS&AD participated in at least 46 investment rounds in 2020; putting it ahead of other insurer-investors including Desjardins Venture Capital, American Family, and AXA.