Metromile, Inc. today announced Ryan Graves, Uber’s former senior vice president of global operations, intends to make a $50 million investment in the company personally and through his investment firm, Saltwater.
Graves’ investment includes secondary purchases and participation in the previously announced PIPE transaction. Graves will join Metromile’s board of directors following the business combination’s close.
Graves joins Chamath Palihapitiya’s Social Capital, Mark Cuban, and leading institutional investors, to support Metromile’s growth plans.
Before founding Saltwater, from 2017 to 2019, Graves served on the board of directors of Uber Technologies, Inc. (“Uber”). He was Uber’s first employee, first chief executive officer, and a member of the founding team.
“Ryan has a remarkable reputation as an energetic and thoughtful business builder. His leadership and operating skills made Uber one of the fastest-growing companies of all time. As Metromile accelerates growth and scale, Ryan’s partnership will be immensely valuable to our Board and management team,” said Founder and Chairman David Friedberg. “We are thrilled to have him become an owner in the business as we execute our growth plans as a public company.”
“Metromile has a discipline and long-term orientation reminiscent of Berkshire Hathaway. That’s combined with the kind of transformative technology that initially attracted me to Uber. The founders and the management team are purpose-driven and have engineered a platform poised to change a massive industry meaningfully,” said Graves. “I invest my capital in a concentrated way and aim to be an active partner to businesses that offer the ability to do that for decades to come. With this investment, I’m making the largest professional commitment I’ve made since Uber.”
“We are thrilled to have Ryan join Metromile,” said Chief Executive Officer Dan Preston. “He is an incredible operator and investor and appreciates how durable economics enables speed and scale. Ryan shares our belief that the automotive and auto insurance markets are rapidly digitizing, as autonomous vehicles and remote work rewrite how these industries operate. With Ryan’s partnership, we intend to lead that change, helping consumers with fair prices and better experiences, while delivering for our shareholders along the way.”
INSU Acquisition Corp. II will be renamed Metromile, Inc., and is expected to remain listed on Nasdaq under the new ticker symbol “MILE.”