San Francisco based pay-per-mile insurance startup Metromile has secured a $103m Series D, led by SV Angel and Index Ventures. 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.
Investors include a couple of insurance giants, Canada’s Intact Financial and China Pacific Insurance (CPIC); top VCs Index Ventures, New Enterprise Associates (NEA), First Round Capital, Mitsui and SV Angel; Metromile founder and Chairman David Friedberg (of Climate Corporation fame); and Mark Cuban. The funding is a surprising and large boost for a company that has been around since 2011 but has seemingly only raised $14 million before now. (And to be clear, the $191.5 million being announced today is actually three rounds rolled into one. CEO Dan Preston tells me it includes a Series D funding of $103.1 million; an additional strategic investment of $50 million from China Pacific Insurance; and a Series C financing from late 2014 that was never made public, of $38.4 million.)