Just Insure Picks Up $8M

Los Angeles-based Just Insure, which offers up a pay-per-mile auto insurance service that uses telematics to offer lower rates to safe drivers, has raised $8M in a funding round, the company said on Tuesday. The funding came from CrossCut Ventures, ManchesterStory and Western Technology Investments. The company said the new funding round brings its total raised to $15.3M. Just Insure says it will use the new funding to scale the company and its product offering, plus for expansion into other states. The startup is led by CEO Robert Smithson. The company currently only offers up its insurance plans in Arizona, but says it plans to expand to other markets including Texas, Nevada, Pennsylvania, Ohio, Georgia, and others. The company claims it can offer up insurance that saves its customers around 40% relative to other auto companies. The company's insurance is tied to an account that operates much like a prepaid phone card, where customers load up those accounts with payments, and their balance declines as they drive--based on their driving habits.