Auto insurer Metromile has attracted $50 million in new investment from a former Uber executive even as it has obtained regulatory approval to formalize a reverse merger deal that will make it a publicly-traded company.
Ryan Graves, Uber’s former senior vice president of global operations, will invest the money into the company both personally and through his investment firm, Saltwater. The investment includes secondary stock purchases and also participation in Metromile’s reverse merger deal with Insu Acquisition Corp. II (Insu II), a special purpose acquisition company.
