Metromile will use the money to acquire an insurance carrier called Mosaic Insurance to handle the underwriting of its policies itself, as well as to expand to new states in the U.S. and continue building its platform
Pay-per-mile insurance startup Metromile raises $191.5M, acquires Mosaic Insurance The automotive industry is in flux with the rise of self-driving and electric cars, and the concept of car ownership altogether being thrown into question. With this, the car insurance industry is changing, too, and now, an on-demand car insurance startup has raised a large round of funding as it aims to be leader of that change. Metromile, the provider that lets you pay-per-mile for insurance, said that it has raised a whopping $191.5 million in funding — “primarily equity”, according to CEO Dan Preston. Metromile will use the money to acquire an insurance carrier called Mosaic Insurance to handle the underwriting of its policies itself; as well as to expand new states in the U.S. and continue building its platform.
