Los Angeles, Calif.-based SF Insuretech Inc., the parent company of Just Auto Insurance, on Wednesday announced a $5.7 million seed funding round.
ManchesterStory led the round, with additional investments from CEO and Founder Robert Smithson, Crosscut Ventures and Plug & Play.
In total, this brings funding for Just to $7.5 million. Matt Kinley from ManchesterStory and Rick Smith from Crosscut will join the company’s board of directors.
Just received its certificate of authority from the Arizona Department of Insurance on Jan. 1, having launched at the end of the first quarter.
Just combines telematics and per-mile pricing. Rather than having a fixed monthly fee, Just charges for miles driven, and premium is calculated according to “real accident” risk.
According to the company, combined with a 30-day policy, this means there is a rapid feedback loop where safer driving results in lower rates.
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