Former uber executive Ryan Graves has agreed to make $50m investment in the US-based pay-per-mile car insurance company MetroMile, both personally and through his investment firm Saltwater.
The investment covers secondary purchases and participation in the company’s previously announced PIPE transaction expected to close with the INSU Acquisition Corp. II merger.
As part of the investment, Graves will secure a seat on the Metromile board.
Before founding Saltwater, Graves served on the board of directors of Uber Technologies from 2017 to 2019. He had been Uber’s first CEO, and a member of the founding team.
Metromile founder and chairman David Friedberg said: “Ryan has a remarkable reputation as an energetic and thoughtful business builder. His leadership and operating skills made Uber one of the fastest-growing companies of all time.”
Friedberg added: “As Metromile accelerates growth and scale, Ryan’s partnership will be immensely valuable to our Board and management team.”
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By GlobalDataSpeaking on Metromile, Graves said: “Metromile has a discipline and long-term orientation reminiscent of Berkshire Hathaway combined with the kind of truly transformative technology that initially attracted me to Uber. The founders and the management team are purpose-driven and have engineered a platform poised to change a massive industry meaningfully.
“With this investment, I’m making the largest professional commitment I’ve made since Uber. Metromile is a rare find.”
Metromile CEO Dan Preston noted that the partnership with Graves will enable the company to help consumers with fair prices and better experiences, while also delivering for shareholders.
In November last year, Metromile signed a business combination agreement with INSU Acquisition Corp. II.
As part of this agreement, Metromile will become a fully-owned subsidiary of INSU Acquisition Corp. II and operate under the new name Metromile Operating Company.
INSU Acquisition Corp. II will be renamed Metromile and is expected to remain listed on Nasdaq under the new ticker symbol ‘MILE’.
The merger is expected to complete during the first quarter of this year.
Last September, American automaker Ford partnered with Metromile to offer personalised car insurance to owners of Ford vehicles with built-in connectivity.
