Pie Insurance, an InsurTech specialised in workers’ compensation for small businesses, has closed its Series C round on $118m.
The round was led by Allianz X and Acrew Capital, with commitments also coming from previous Pie backers Greycroft, SVB Capital, SiriusPoint, Elefund and Moxley Holdings.
This equity investment will enable the company to further the development of its technology and automation capabilities. Funds will also help the InsurTech to grow its offering and prepare the launch of new business offerings in 2021 and beyond.
The InsurTech aims to modernise small business insurance by automating the entire experience to offer simple, trusted and affordable coverage.
Pie Insurance co-founder and CEO John Swigart said, “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.”
The InsurTech’s previous burst of equity came in 2020 as a $127m Series B extension, which enabled it to form Pie Carrier Holdings. The new division had a $100m equity commitments to create and purchase licensed insurance companies.
Pie has raised a total of $300m in funding since it was founded in 2017.
Acrew Capital founding partner Lauren Kolodny said, “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.
“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.”
Last year, the company added automated bind request to its portal offering. enable partner agents to submit requests to bind on eligible submissions within the partner portal.
The company witnessed strong growth in 2020, with it reaching 1,000 partners after growing its agency channel by more than 200% across the year.
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