U.S.-based insurtech startup Pie Insurance announced on Friday it secured $118 million through its Series C funding round, which was led by Allianz X and Acrew Capital, with participation from Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings.
As previously reported, Pie describes itself as a fast-growing insurtech startup that offers workers’ compensation insurance directly to small businesses. The company revealed it began offering workers’ compensation insurance policies in 2018 with the mission of helping small businesses experience true savings and an unmatched level of service. Pie raised $127 million through its recent investment round.
Pie further revealed that the Series C funding round follows its $127 million Series B extension round in May 2020, in which it formed Pie Carrier Holdings with a $100 million equity capital commitment to create and purchase licensed insurance companies. In total, the insurtech has raised more than $300 million in funding since being founded in 2017. Speaking about the investment, John Swigart, Co-founder and CEO of Pie Insurance, stated:
“Commercial insurance is long overdue for the online transformation that personal lines have benefited from for years. Now more than ever, small businesses deserve to be supported, not hindered, by their insurance company. Pie is leading the charge in building a more affordable and modern insurance experience, and today’s funding enables us to expand our operations and invest in technology and tools that will have an immediate impact on our customers and partners.”
Pie went on to add that along with the investment, it has also grown its gross written premium to over $100 million, and partnered with more than 1,000 agencies nationwide.