Metromile has struck a deal to combine with blank-check company Insu Acquisition Corp. II. The agreement values the combined company at around $956m and includes a $160m PIPE investment led by Social Capital.
Investor Cuban said in the company’s SPAC announcement sees an upside for the business. “During these times of financial hardship, unemployment and work from home, Metromile provides an important insurance alternative,” Cuban said. “The option to pay for insurance by the mile is a game changer and why I’m incredibly excited about Metromile’s future!” Social Capital’s Palihapitiya is equally bullish on the company, tweeting Tuesday “Buffett had Geico. I pick @Metromile.”