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MileIQ

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MileIQ
Founded2013
FounderDan Bomze & Chuck Dietrich
Headquarters
San Francisco, California
,
U.S.A.
ProductsMileIQ mobile app[1]
Websitewww.mileiq.com

MileIQ is an American-based technology company that develops a mileage tracking and logging app.[2] The app uses automatic mileage tracking to calculate mileage while driving for business purposes that can then be used to report for reimbursement and potentially a tax deduction with the IRS, being attributed as the first mobile app to passively track such data. MileIQ has been compared to Fitbit for driving[3] and has been discussed in national business publications that include Fast Company, Fortune, and Forbes.[4][5][6]

History

MileIQ was founded by Dan Bomze, an entrepreneur and investor of numerous startups. He began collaborating with a small team to design software that would simplify mileage reimbursement.[7] Bomze obtained feedback from others who tracked mileage for reimbursement and began looking for a business partner knowledgeable with software development.[7] He was introduced to SlideRocket CEO and former Salesforce.com general manager Chuck Dietrich who became a founding partner in the company.[8] MileIQ was officially launched in the App Store in 2013, later becoming available for Android.[7][9]

Concur Technologies, a company that integrates third-party apps for users to file business reports, added MileIQ to its service offerings in early 2014.[10] The same year, MileIQ partnered with cloud accounting software company FreshBooks. The partnership allowed users of MileIQ to automatically import their driving data into their FreshBooks accounts.[11]

MileIQ received seed funding in amount of $3 million in late 2014, led by SV Angel, CRV, and Salesforce.com founder Marc Benioff. MileIQ added $11 million in funding in 2015 with a Series A round that included original investors as well as the addition of Trinity Ventures.[12]

References

  1. ^ Martin, Allison (28 February 2014). "Tax Hacks 2014: 13 Helpful Income Tax Apps". MoneyTalkNews. Retrieved 19 May 2015.
  2. ^ Cull, Ian (18 March 2015). "Mile IQ App Helps Drivers Track Mileage for Business Trips". NBC Bay Area. Retrieved 19 May 2015.
  3. ^ Tipton, Adriana (26 February 2015). "MileIQ Is Like Fitbit For Driving; Here's Why". Tech News Today. Retrieved 19 May 2015.
  4. ^ Aamoth, Doug (10 April 2015). "Free App Friday: 5 Great Last-Minute Tax Tools". Fast Company. Retrieved 19 May 2015.
  5. ^ "Sharing-economy jobs make taxes uber-complicated". Fortune. 14 April 2015. Retrieved 19 May 2015.
  6. ^ Erb, Kelly Phillips (3 March 2015). "Taxes From A to Z (2015): A Is For Actual Expense Method". Forbes. Retrieved 19 May 2015.
  7. ^ a b c "About us". MileIQ official website. Retrieved 19 May 2015.
  8. ^ Carney, Michael (29 January 2015). "MileIQ raises $11M to take the pain out of mileage tracking and put more cash in users' pockets". Pando Daily. Retrieved 19 May 2015.
  9. ^ Channer, Rory (9 March 2015). "6 apps to pack on your phone for business travel". Los Angeles Business Journals. Retrieved 19 May 2015.
  10. ^ Frank, Blair Hanley (8 May 2014). "Concur expands App Center, adds MileIQ, Trover and more than 30 other partners". GeekWire. Retrieved 19 May 2015.
  11. ^ Lapchuk, Lindsay. "FreshBooks and MileIQ partner to make tracking your miles a breeze". FreshBooks. Retrieved 19 May 2015.
  12. ^ "The Daily Startup: Latest Kickstart Seed Fund Looks to Boost Utah Startups". The Wall Street Journal. 30 January 2015. Retrieved 19 May 2015.
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