Friday, December 7, 2012

MetroMile Gets $4M To Launch Pay-Per-Mile Car Insurance

Redwood City-based MetroMile, a new startup launching a pay-per-mile auto insurance service, said it has raised $4M in a funding round. The round came from NEA, Index Ventures, First Round Capital and SV Angel. MetroMile is launching an auto insurance program which provides pay-per-mile insurance for drivers, where drivers are charged a per-mile rate each month depending on how much they drive. The service is initially launching in Oregon. The service revolves around the installation of a monitoring device--called the Metronome--which transmits a car's exact number of miles driven to the company. The firm said lower mileage drivers can save 20 to 50 percent on their insurance. MetroMile's CEO is Steve Pretre, and the firm's founder and Chairman is David Friedberg, CEO of The Climate Corporation. More information »