Law firm Stephenson Harwood LLP has advised pay-by-the-mile motor insurer By Miles on its £15 million Series B investment round. The new investment is being led by CommerzVentures, the venture capital arm of Commerzbank Group.

By Miles, which is targeting rapid growth among 19 million 'low mileage' drivers in the UK, had its strongest ever sales week in April, as motorists sought better value from their car insurance policies.

Existing By Miles investors including JamJar Investments, Insurtech Gateway and Octopus Ventures also took part in the fundraising.

The Stephenson Harwood team was led by partner Richard Coleman, with support from associate Lydia Zakrzewski.