Metromile

InsurtechUSA

New to Unitard

🤝 Acquired

Peak $1.3 BillionToday

~-89%

from peak

🦄
Became a unicorn
Feb 2021
📈
Peak valuation
$1.3 Billion ’21
💔
Became a Unitard
Nov 2022
💸
Last valuation
~$143M

Current status

Acquired by Lemonade ~$145M (2022)

The rise & fall

5 moments · 2011–2022

The key moments.

2011

Founded in San Francisco

Pay-per-mile car insurance for people who barely drive.

Crunchbase

Feb 2021

The peak: a $1.3B SPAC debut$1.3B

Lists via SPAC merger at about $1.3B in the insurtech frenzy — unicorn and peak on arrival.

Crunchbase

2021

Losses mount, shares slide

Underwriting losses and a falling stock erode the valuation within months of the debut.

Crunchbase

Nov 2021

Lemonade comes calling

An all-stock rescue deal is announced — which means the price shrinks as Lemonade's own shares fall.

TechCrunch

2022

Acquired by Lemonade for ~$145M$145M

The all-stock deal closes at roughly $145M — about a ninth of the SPAC valuation less than two years earlier (~-89%).

Crunchbase

How it happened

Metromile was a U.S. pay-per-mile auto insurtech that went public via SPAC in February 2021 at about a $1.3B valuation. Mounting losses and a falling share price eroded its value, and it was acquired by Lemonade in an all-stock deal worth roughly $145M that closed in 2022, leaving it far below unicorn status (~-89%).

Glassdoor reviews were largely positive on the startup culture, with only typical growing-pains complaints before the Lemonade acquisition.

Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.

Source: Crunchbase

Founders & leadership

Dan Preston
CEO
Now Co-Founder & CEO at StandLinkedIn ↗
David Friedberg
co-founder & chairman (ex-CEO of The Climate Corporation)
Now Chief Executive Officer at Ohalo GeneticsLinkedIn ↗
Steve Pretre
co-founder
Now Partner at World Innovation Lab (WiL)LinkedIn ↗