Loading organizations...
Mile Auto provides a pay-per-mile car insurance product that charges drivers based on their actual mileage, coupled with a fixed base rate. The company utilizes a proprietary system, MVerity, where customers submit monthly odometer photos via smartphone, allowing for mileage verification without the use of telematics tracking devices. This approach offers transparent pricing and full coverage options, including liability, comprehensive, and collision, tailored to individual needs.
The company was founded in 2017 by Fred Blumer, Jim Cook, Joe Fuller, and Scott Nelson, all with backgrounds as auto insurance experts. Their collective insight identified a market inefficiency where low-mileage drivers disproportionately subsidize their high-mileage counterparts under traditional insurance models. This led to the creation of Mile Auto, aiming to offer a more equitable and data-private insurance solution.
Mile Auto primarily serves individuals who drive 10,000 miles or less annually, encompassing a broad demographic from urban commuters to retirees. The company's vision is to empower these drivers with greater control over their insurance costs and data, fostering transparency and fairness within the industry. It aims to reshape how low-mileage drivers experience and pay for automotive insurance, ensuring they only pay for what they truly use.
Mile Auto has raised $11.0M across 2 funding rounds.
Mile Auto has raised $11.0M in total across 2 funding rounds.
Mile Auto has raised $11.0M in total across 2 funding rounds.
Mile Auto's investors include Accenture, Alumni Ventures, Clear Ventures, ClimacticVC, DN Capital, Norwest Venture Partners, Precursor Ventures, Storm Ventures, Ulu Ventures, Zero Infinity Partners, Fred van den Bosch, Emergent Ventures.
Mile Auto has raised $11.0M across 2 funding rounds. Most recently, it raised $10.0M Seed in May 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| May 1, 2021 | $10M Seed | — | Accenture, Alumni Ventures, Clear Ventures, Climacticvc, DN Capital, Norwest Venture Partners, Precursor Ventures, Storm Ventures, ULU Ventures, Zero Infinity Partners, Fred VAN DEN Bosch, Emergent Ventures, Sure Ventures, Thornton Capital | Announced |
| Oct 1, 2017 | $1M Seed | — | Accenture, Alumni Ventures, Clear Ventures, Climacticvc, DN Capital, Norwest Venture Partners, Precursor Ventures, Storm Ventures, Sure Ventures, ULU Ventures, Zero Infinity Partners, Fred VAN DEN Bosch | Announced |
Mile Auto is a fintech and insurtech company offering pay-per-mile auto insurance targeted at low-mileage drivers who travel under 10,000 miles annually, enabling savings of up to 40% compared to traditional policies.[1][3][7] It serves individual drivers, including luxury vehicle owners through partnerships like Porsche Auto Insurance, by solving the problem of overpaying for insurance unrelated to actual usage via a simple model: a low monthly base rate plus per-mile charges verified through patented computer vision and telematics from existing vehicle systems, without apps, hardware, or invasive tracking.[1][2][3][5][7] Operating as a managing general agent (MGA) in states including Arizona, California, Georgia, Illinois, Ohio, Oregon, and Texas, the Atlanta-based firm founded in 2017 (launched 2019) reports around $500K-$1M in trailing twelve-month revenue and employs about 10-15 people, showing steady growth through tech integrations like Verisk telematics and OEM partnerships.[1][2][3][5]
Mile Auto was founded in March 2017 in Atlanta, Georgia, by CEO Fred Blumer and a team with deep expertise in auto insurance, connected vehicles, and technology.[1][2][3][5] Blumer, emphasizing privacy-focused telematics limited to odometer readings, drew from the team's collective experience: one co-founder with 15 years in connected vehicle data and usage-based insurance; another with 20+ years managing a 50-office agency generating $125M in premiums; Scott with 25 years in insurance management, product development, and software; and Joe, an electrical engineer and serial entrepreneur with 25+ years in tech startups and 5 patents in computer vision.[2][3] The idea emerged from recognizing low-mileage drivers' needs, evolving from early traction like the 2019 Porsche partnership—headquartered nearby—which launched "Porsche Auto Insurance" as their first product, featuring agreed-value coverage and concierge services, before expanding to personal lines in multiple states.[3][5]
Mile Auto rides the insurtech and usage-based insurance (UBI) wave, capitalizing on rising connected car adoption (e.g., via automaker telematics networks) and post-pandemic shifts to low-mileage driving patterns amid economic pressures for affordable coverage.[3][5] Timing aligns with privacy regulations and consumer backlash against data-heavy UBI models, positioning its minimal-data approach as a differentiator in a market projected for UBI growth; partnerships with OEMs like Porsche and Verisk amplify reach into verified vehicle data ecosystems.[1][3][5] It influences the landscape by proving scalable, non-intrusive alternatives, potentially expanding to commercial low-mileage fleets and challenging incumbents like State Farm on cost and ethics.[2][3][5]
Mile Auto's momentum—state expansions, Verisk integrations, and $500K+ revenue—positions it for accelerated growth in UBI as connected vehicles proliferate and AI refines mileage validation.[2][3] Upcoming trends like stricter data privacy laws and EV telematics will favor its model, with potential pivots to commercial segments like roofers or more OEM deals enhancing scale.[5] Its influence may evolve from niche MGA to broader insurtech leader, humanizing insurance for underserved low-milers while delivering tangible savings through innovative, user-centric tech.
