British insurtech By Miles – which describes itself as the first real-time pay-per-mile car insurance provider in the UK – has raised £5 million in a Series A funding round led by London-headquartered Octopus Ventures.
With the use of a ‘Miles Tracker’, the start-up measures mileage on which it bases the cost of insurance for policyholders – a deviation from the usual telematics offerings which take into consideration driving behaviours.
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