UK-based, By Miles, a pay-by-mile automobile insurance service provider, has secured £15 million in funding through a Series B investment round led by CommerzVentures.

Existing investors Octopus Ventures, Insurtech Gateway and JamJar investments also took part in By Miles’ latest round.

Established in October 2014 and based in Frankfurt, Germany, CommerzVentures is a VC firm that usually invests in early stage and late stage firms.

The VC company is part of the Commerzbank Group, and focuses on financial services and insurance sectors, beginning at Series A. CommerzVentures has a history of investing mostly in US, Europe, and Israel-based initiatives.

By Miles markets its insurance policies to people who drive less than 7,000 miles each year.

The company provides a plug-in device, referred to as the Miles Tracker, which keeps track of mileage.

Paul Morgenthaler, partner at CommerzVentures, stated: “Car insurance needs a shake-up if it’s going to remain relevant in a world of semi-autonomous, connected and electric cars.”