Pie Insurance, a Denver, CO-based tech-enabled provider of workers’ compensation insurance to small businesses, raised $315m in Series D funding.
The round was led by Centerbridge Partners and Allianz X with participation from White Mountains Insurance Group, and previous investors Gallatin Point Capital, Greycroft, Acrew Capital, and others. Today’s Series D fundraise more than doubled Pie’s total capital raised to over $615m.
The company intends to use the funds to conduct its growth initiatives that directly impact its small business customers, including expanding into new lines of business, transitioning to a full-stack carrier, further innovating upon its advanced proprietary pricing algorithms, and delivering world-class user and product experiences directly to small businesses and the partner agents who serve them.
Led by CEO John Swigart, Pie Insurance is leveraging technology to improve how small businesses buy and experience commercial insurance. The company focuses on granular pricing, and data-driven customer segmentation to match price with risk accurately across a broad spectrum of small business types. This allows Pie to offer more affordable insurance to small business owners. Since 2017, the company has partnered with over 2,800 agencies nationwide.
This fundraise follows a period of growth for the company. most recently Pie announced it more than doubled its gross written premium, and doubled its number of policyholders and partners. In addition, the company expanded its coverage area into two new states, increasing its total workers’ comp coverage footprint to 89% of small businesses in the U.S.
FinSMEs
21/09/2022