Pay-per-mile car insurance company Metromile taps into new trend of ‘insuretech’, offering affordable car insurance, transparent pricing based on the miles people drive, and instant access to vehicle diagnostics via the driving app, claiming to save drivers an average of $500 (£388) a year.

The company’s principle is: “If you aren’t driving much, you shouldn’t be paying much.”

Headquartered in San Francisco, the company was founded in 2011 by David Friedberg, previously a founding member of Google’s corporate development team, who saw the opportunity to combine hardware, software and data science to access, analyse and manage driving data.

Metromile’s investors include New Enterprise Associates, Index Ventures and Mark Cuban, and it has raised more than $205m (£158m) in capital to date.

The company claims to be growing rapidly, and has expanded across the US.