Pie Insurance, an insurtech specializing in workers’ comp insurance for small businesses, has raised $118 million in a Series C funding round led by Allianz X and Acrew Capital.
Also participating in the round were existing investors SiriusPoint, Greycroft, SVB Capital, Elefund, and Moxley Holdings.
The investment is expected to help Pie 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.
“Commercial insurance is long overdue for the online transformation that personal lines have benefited from for years,” said John Swigart, Co-founder and CEO of 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.”
Nazim Cetin, CEO of Allianz X, also commented: “Pie is fundamentally transforming the commercial property and casualty insurance market in the U.S. 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,” Cetin continued. “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.”
Lauren Kolodny, Founding Partner at Acrew Capital, added: “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.”
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.