Metromile
InsurtechUSA
New to Unitard
🤝 Acquired
Peak $1.3 BillionToday
~-89%
from peak
- 🦄Became a unicornFeb 2021
- 📈Peak valuation$1.3 Billion ’21
- 💔Became a UnitardNov 2022
- 💸Last valuation~$143M
Current status
Acquired by Lemonade ~$145M (2022)
The rise & fall
5 moments · 2011–2022The key moments.
2011
2011
Founded in San Francisco
Pay-per-mile car insurance for people who barely drive.
Crunchbase
Feb 2021
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
2021
Losses mount, shares slide
Underwriting losses and a falling stock erode the valuation within months of the debut.
Crunchbase
Nov 2021
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
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%).
Source: Crunchbase
Founders & leadership
- David Friedbergco-founder & chairman (ex-CEO of The Climate Corporation)
Current roles as self-reported on LinkedIn, retrieved 2026-08-20. See our methodology.
