(Image source: Pie Insurance website.)
Pie Insurance, an InsurTech specializing in workers’ compensation insurance for small businesses, has announced the completion of a $118 million Series C funding round. Investors Allianz X (Munich) and Acrew Capital (Palo Alto, Calif.) led the round, and existing investors Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings also participated in the round.
Pie Insurance describes itself as built on a foundation of data and advanced analytics that power its entire coverage experience for small businesses. The company says that the new funding round will enable Pie to invest further in technology and automation, as well as to grow its core workers’ comp insurance business, and lay the groundwork for new business offerings in 2021 and beyond.
“Commercial insurance is long overdue for the online transformation that personal lines have benefited from for years,” comments John Swigart, Co-founder and CEO, Pie Insurance. “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 is fundamentally transforming the commercial property and casualty insurance market in the U.S.,” comments Dr. Nazim Cetin, CEO, Allianz X. “Using pioneering technology, Pie has revolutionized the customer experience, ensuring that a previously-lengthy process has become more efficient for everyone involved. The company has enormous growth potential far beyond its current core business. For Allianz, there are plenty of opportunities for cooperation with Pie, for example, in the joint development and sale of insurance solutions. We also see collaboration potential with some of our other B2B portfolio companies.”
“In less than four years, Pie has become one of the fastest growing InsurTechs in the country, and we’re thrilled to partner with a team that has a passion for improving small business insurance through technology,” comments Lauren Kolodny, Founding Partner, Acrew Capital. “Pie’s impact on small businesses has been incredible to watch, and we believe they are one of the most compelling companies in insurance today.”
This funding round follows Pie’s $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, Pie has raised over $300 million in funding since being founded in 2017.