The story
Metromile was founded in Redwood City, California, in 2011 by David Friedberg and Steve Pretre. David Friedberg currently sits as the chairman of the board, and the company is led by CEO Dan Preston. In 2013, the company moved its headquarters to San Francisco and in April 2015 added a second office space. A new location was opened in Boston in April 2015 and in Tempe in May 2015. In September 2016 they announced a new round of $192 million in funding and acquired a carrier which enabled them to start underwriting their own policies. The company became publicly listed in February 2021 in a reverse merger deal, supported by Betsy Z. Cohen who also joined the company’s board of directors.
On November 8, 2021, Lemonade, Inc. announced that it would acquire Metromile in an all-stock transaction, which implied a fully diluted equity value of approximately $500 million, or around $200 million net of cash. The acquisition completed on 28 July 2022. Following the acquisition, Lemonade laid off 20% of Metromile's staff.
From Wikipedia’s article on Metromile, shared under CC BY-SA 4.0.5