Joining the Board and Investing in Metromile
Today is a big day for me: I’m making the largest professional commitment I’ve made since leaving Uber, investing $50M into Metromile and joining the Board of Directors.
Over the last few years, I’ve worked to build Saltwater into a private investment company driven by a mission greater than profit. I’ve benefited so much from the exposure to many small businesses outside the venture ecosystem.
It’s become obvious that risk and cost management, the proverbial “planning for a rainy day,” is critical to success and sometimes even survival. This reality drew me to insurance. While “boring” to some, it’s clear to me that the companies who serve individuals and small business owners to save on necessary costs like auto insurance are truly unlocking economic opportunity and financial freedom. Metromile is a leader amongst those companies.
As an operator, I’ve seen the rapid growth that can come from a model that enables economic freedom and the disruption that can occur when rebuilding an industry’s data and technical infrastructure. I’ve seen an upstart take out incumbents before, and I’m excited to be a part of that kind of disruption again.
As an investor, I began my learning process by reading the 1968 Berkshire Hathaway investor letter and then every letter through 2017. I learned that to succeed in insurance, it takes a long-term view of the world and an incredible operating discipline. As I’ve gotten to know Dan & Dave, I’ve realized Metromile embodies the discipline of Berkshire and the disruption potential of Uber. It’s a combination that is rare in venture and even rarer still in insurance tech.
It’s uncommon to find a company that has a win-win-win opportunity. Drivers pay less, with an average of 47% savings, unlocking economic opportunities; the world can become safer and healthier as Metromile’s pay-per-mile model incentivizes people to drive less; and the company and its employees have an opportunity to build an industry-leading company creating real value for their families. I’m very excited to help deliver that win-win-win to the world and help millions more drivers benefit from Metromile.
