Metromile

In July 2022, following its acquisition by Lemonade, auto insurtech company Metromile laid off approximately 60 employees, representing about 20% of its staff. The layoffs were part of a synergistic integration, as the combined entity could operate with fewer people than the two standalone companies required. Metromile, which had gone public via a SPAC in 2021, was valued at just under $137 million at the time, a significant decline from its previous highs. The cuts, common in such business combinations, reportedly affected roles in product, engineering, and design teams, among others.

Metromile, a San Francisco-based car insurance startup that offers pay-per-mile policies, laid off 100 employees yesterday, representing 33% of its workforce. The cuts impacted staff across all departments and were carried out in its offices in San Francisco, Boston, and Tempe. The company attributed the layoffs to economic uncertainties stemming from the COVID-19 pandemic, which has drastically reduced driving and, consequently, likely diminished its revenue as customers drive far fewer miles.