Pie Insurance, an insurtech specializing in work-related injury insurance for small businesses, said it has raised a $315 million Series D funding round — the largest funding round for a US-based P&C insurtech company in 2022.
The fundraiser doubled Pie’s total capital to more than $615 million. The round was led by Centerbridge Partners and Allianz X, the digital investment arm of Allianz Group. White Mountains Insurance Group also joined as a new investor, with previous investors Gallatin Point Capital, Greycroft, Acrew Capital and others also participating in the round.
“It’s no secret that growth-stage startups, and insurtechs in particular, face a challenging fundraising environment,” said John Swigart, Pie co-founder and CEO. “However, Pie’s ability to grow rapidly while still focusing on delivering strong unit economy and sustainable loss rates is proving to be a key differentiator.
Pie recently announced that it was more than doubling its gross written premium and doubling its number of policyholders and partners. Additionally, Pie expanded its coverage area to two new states, increasing its total employee coverage area to 89% of small businesses in the US, the company said.
“Pie disrupts the highly fragmented small business commercial insurance market through our proprietary technology that more accurately calculates and underwrites insurance risk,” added Swigart. “We believe the insurtech 2.0 phase of this industry-wide transformation will be built by companies like Pie who are using their technology to ‘do insurance better’ and deliver superior traditional insurance metrics, along with a delightful customer experience.”
Pie said it will use the funds to support its growth initiatives that directly affect its small business customers, including expansion into new industries, full transition to a full-stack carrier, further innovation on its advanced proprietary pricing algorithms and the Delivering the World – Deliver user and product experiences directly to small businesses and the partner agents who serve them.
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