Pie Insurance, an insurtech company specialising in workers’ comp insurance for small businesses, has raised a $315 million Series D round of funding. The round was led by Centerbridge Partners and Allianz X, the digital investments arm of Allianz Group. White Mountains Insurance Group also joined as a new investor, and previous investors Gallatin Point Capital, Greycroft, Acrew Capital and others also participated in the round.
The fundraise more than doubled Pie’s total capital raised to over $615 million and is the largest round of financing for any US based P&C insurtech company in 2022, Pie said.
“This round of financing is monumental in more ways than one,” said John Swigart, co-founder and chief executive officer of Pie.
“It’s no secret that growth-stage startups, and specifically insurtechs, are facing a challenging fundraising environment. However, Pie’s ability to grow rapidly while still focusing on delivering strong unit economics and sustainable loss ratios, is proving to be a key differentiator.
“Pie is disrupting the highly fragmented small business commercial insurance market through our proprietary technology which more accurately prices and underwrites insurance risks. We believe the insurtech 2.0 phase of this industry-wide transformation will be built by companies like Pie that leverage their technology to ‘do the insurance better’ and deliver superior traditional insurance metrics along with a delightful customer experience.”
Pie’s Series D enables the company to continue providing America’s 32.5 million small businesses with access to “simple and affordable” commercial insurance. The company will use the funds to support Pie’s growth initiatives that directly impact its small business customers, including expanding into new lines of business, fully 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.
White Mountains, Pie Insurance, funding