Pie Insurance said March 5 that it raised $45 million in a series B funding round. Investors included SVB Capital, Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures, and Elefund. Pie, of Washington D.C., provides workers’ compensation insurance directly to small businesses.
Pie Insurance Raises $45 Million in Series B Funding Round
SVB Capital joins existing investors to fuel continued growth, scale operations
Washington, DC – February XX, 2019 – Pie Insurance, an insurtech startup founded in 2017, today announced the completion of a $45M Series B funding round. 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 18 states covering 60% of the workers’ compensation market and expects to be nationwide 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 nearly $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 is producing 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.”
For more information, visit www.pieinsurance.com.
About Pie Insurance
Pie Insurance provides workers’ compensation insurance directly to small businesses at www.pieinsurance.com. The company began offering workers’ compensation insurance policies in 2018 with the mission of helping small businesses experience true savings and an unmatched level of service. Pie operates as a managing general agency for Sirius America Insurance Company, a subsidiary of Sirius Group (NASDAQ: SG), offering A.M. Best A rated workers’ compensation insurance. Pie’s investors include SVB Capital, Greycroft, Aspect Ventures, Sirius Group, Moxley Holdings, and E