Pie Insurance, an insurtech startup founded in 2017, today announced the completion of a $45M Series B funding round.
Image: Pie Insurance raises $45m in Series B funding round. Photo: courtesy of rawpixel/Unsplash.com.
Participating investors included SVB Capital, Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures, and Elefund.
To date, Pie has raised $61 million to fund its innovative approach toward workers’ compensation insurance for small businesses. The company will use the funds to expand geographically, add new distribution sources, and continue to make the entire experience easy as pie for its customers. Pie is now available in 19 states covering more than 60% of the U.S. workers’ compensation market and expects to expand nationally by the end of 2019.
“We are impressed by the momentum Pie has achieved in less than a year,” said Tilli Kalisky-Bannett, Partner at SVB Capital. “We’re thrilled to join this phenomenal team in their next phase of growth.”
Pie sold its first policy in March 2018, and in the first 11 months since launch the company has generated more than $10 million in written premium as thousands of small business owners have been drawn to the company’s easy-to-use digital experience and competitive prices. According to Pie’s proprietary analysis, 80% of small businesses are overpaying for workers’ compensation coverage, often by as much as 30%.
“In addition to their strong growth, Pie has produced outstanding underwriting results,” said Ian Sigalow, Co-Founder and Partner at Greycroft, whose Growth Fund participated in this financing. “The company is positioned to make a huge impact on the small business market for commercial insurance.”
“I’m so proud of what our team has accomplished in a short period of time,” said Pie Co-Founder and CEO John Swigart. “We’re grateful to work with such supportive investors to take Pie to the next level and fundamentally change the way small businesses get workers’ compensation insurance.”
Source: Company Press Release