Insu is a shell company that raised $230 million through its IPO in September with the explicit goal of buying businesses and taking them public. The transaction is expected to close in Q1 2021, and the combined company, Metromile, Inc., will be listed on the Nasdaq.
Insu was likely attracted to Metromile's usage-based insurance model, and its backing will help limit investor concerns once Metromile, Inc. goes public. The insurtech has experienced strong growth for its personalized coverage, although the pandemic set it back somewhat. Metromile is one of the most
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