Company News

We just secured £1m in funding. Here’s what we’re doing with it.

Callum Rimmer's profile picture
Callum Rimmer

We just closed a funding round of £1 million, led by JamJar Investments, the investment fund set up by the founders of innocent drinks.

Just over a year and a half ago, we were busy building the first version of our pay-by-mile car insurance product for our first beta trial. We’ve now launched, and it’s fantastic to be able to announce this new funding, which will allow us to continue to improve the live product, to make it simpler, easier and more powerful for drivers to use.

Alongside the investment from JamJar Investments, we’re honoured that both InsurTech Gateway and InMotion Ventures, Jaguar Land Rover’s investment fund, have also reaffirmed their commitment to us in this round, as we push forward with our goal to make car insurance better for lower mileage drivers.

What are we doing right now?

You’ve no doubt seen that we launched our pay-by-mile car insurance policies to the world last week (well, in Great Britain). Up until this point, we’ve been busy making sure that getting a quote is as easy and straightforward as it can possibly be, and our new quick quote tool has already helped thousands of people get an initial idea of their price in under a minute.

We’ve also been trying to make the onboarding process as simple and easy-to-follow as can be – and the many customers that have plugged in their Miles Trackers so far seem to be doing well!

What does this new funding mean?

This new round of investment will allow us to focus on making everything even better. We’ve already got a list of new features we want to build for the app that will make owning a car easier than ever, but we’re making it a priority to scale up our member support team, so we can continue to offer great service to drivers as we grow.

It’s fantastic to welcome JamJar Investments on board to join us on the journey. Their experience in creating a market-leading product that’s all about honesty, integrity and putting customers first – as well supporting a range of businesses that are doing the same across many different industries – has already proven invaluable.

We’re looking forward to making car ownership easier, smarter and better – by miles.

Get an idea of your quote in less than a minute by clicking here to get a quick quote on our homepage.