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February 2, 2021

Former Uber executive invests in pay-per-mile car insurance company Metromile

By Amala Johney

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.

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How attractive are current investment opportunities in Europe?

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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.”

Speaking 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.

Free Report
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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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