Washington DC-based worker compensation insurance company Pie Insurance has raised $11m in its Series A round.
Greycroft led the growth funding, with participation also coming from Aspect Ventures. Existing backers Sirius Group, Moxley Holdings, and Elefund also made contributions to the series.
Founded in 2017, Pie Insurance helps SMBs make more informed buying decisions for worker’s compensation digitally. The company uses advanced analytics to accurately identify risk for SMBs and give them the coverage that suits them.
The current platform uses algorithms to help find the right prices, with the company’s analytics showing around 80 per cent of SMEs overpay on coverage, spending up to per cent extra. The company started deploying A rated insurance policies in 2018.
Pie Insurance helps SMBs within the construction, restaurant manufacturing, retail, office and healthcare industries.
Capital from the round will be used to scale Pie’s operations and expand its platform geographically. The platform is currently used in eight states across the US.
Greycroft partner and co-founder Ian Sigalow said, “Pie combines two elements that really stand out – a unique set of underwriting data and an experienced founder who was instrumental in building an online insurance company that was sold for over a billion dollars.
“They have already accomplished a lot, which is particularly noteworthy because they launched the company only a little more than a year ago.”
Last year, the company raised $4.3m in its Series A round of funding which was supported by Sirius Group, Moxley Holdings, and Elefund.
Last month, Greycroft held the $250m final close for its fifth flagship fund which will back B2B and B2C internet and mobile companies.
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