Metromile to receive $50M investment from former Uber executive

Metromile Inc. said Ryan Graves has agreed to invest $50 million in the company personally, as well as through his investment firm, Saltwater Capital LLC.

The investment includes secondary purchases and participation in the private investment in public equity, or PIPE, transaction that will close alongside the merger with INSU Acquisition Corp. II. Graves will join Metromile's board of directors after the deal is complete.

Graves was the first CEO and a member of the founding team of Uber Technologies Inc., and served on the group's board of directors from 2017 to 2019.

Following the merger, Metromile will become a wholly owned subsidiary of INSU Acquisition and will be renamed Metromile Operating Co.

INSU Acquisition will be renamed Metromile Inc., and is expected to remain listed on Nasdaq under the new ticker symbol MILE.