City banking royalty Hambro backs insurtech start-up By Miles
Insurtech start-up By Miles has generated £350k in funding from investors that include InMotion Ventures and Hambro Perks, which was co-founded by Hambro Bank scion Rupert Hambro. The London-based start-up will put the funds towards technological advancements and team hires. By Miles offers a pay-per-mile insurance system, currently in private beta testing. The monthly subscription fee charges customers for the precise number of miles driven, and will also cover parked vehicles.
By Miles, a London, UK-based insurtech startup, raised £350k in funding.

Backers included InMotion Ventures, Hambro Perks and other angel investors.

The company intends to use the funds to continue to develop its technology and hire new people.

Co-founded by James Blackham and Callum Rimmer, By Miles provides a pay-per-mile can insurance product, which is in private beta with selected testers. The company’s monthly subscription will cover a car when it’s parked and it will only charge customers for the exact number of miles they drive.

By Miles’s pruduct is expected to be launched soon.

FinSMEs

03/07/2017