Failed 2022
Metromile
Pay-per-mile car insurance is a niche product that couldn't support a public company valuation.
Founded → Closed
2011 → 2022
Funding Raised
$381M
Industry
InsurTech
Country
USA
IdeaProof AI Failure Score
52/100
Market Fit Risk
40
Burn Rate Risk
65
Founder Risk
20
Full Analysis
Metromile offered pay-per-mile car insurance, targeting low-mileage drivers. The concept was elegant but the addressable market was too small for venture-scale returns. After going public via SPAC, the company's stock declined steadily. Lemonade acquired Metromile in 2022 for $145M — well below the capital invested.
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