Metromile Secures $90 Million Series E Financing

SAN FRANCISCO, California, Sept. 11 -- Cooley, a law firm, issued the following news release:

Cooley advised Metromile on its recent $90 million Series E financing round co-led by insurance companies Tokio Marine Holdings and Intact Financial. Partner Rachel Proffitt headed the Cooley team advising Metromile.

The round also included participation from existing and new investors NEA, Index, Future Fund and Section 32, the venture capital firm founded by former Google Ventures CEO Bill Maris. Metromile plans to use the funds to expand pay-per-mile insurance and simplify every step of the insurance experience through the use of artificial intelligence in claims processing.

"Tokio Marine Holdings and Intact Financial are ideal partners to support our rapid growth and ongoing commitment to leveraging AI and machine learning to improve the entire insurance experience," said Dan Preston, CEO of Metromile, in a news release. "This allows us to advance our use of sensors and automation to provide Metromile customers with the world's simplest claims experience, while lowering the cost of car insurance and bringing technology to the forefront of the insurance industry."

Metromile is revolutionizing car insurance through technology with its pay-per-mile insurance model. By offering affordable car insurance, transparent pricing based on the miles you actually drive, data to optimize how you use your car and instant access to detailed vehicle diagnostics via its driving app, Metromile is building the future of insurance.