Pie Insurance bags $45m in its Series B funding

Pie Insurance, a worker compensation insurance platform, $45m in its Series B funding round.

Contributions to the round came from firms including SVB Capital, Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures, and Elefund.

Capital from this round will be used to expand its geographical presence, add new distribution sources and ensure smooth customer experiences.

US-based Pie Insurance helps SMBs make more informed buying decisions for worker’s compensation digitally. The company uses advanced analytics to accurately identify risk for SMBs and give them the coverage that suits them.

Coverage can be taken out by SMEs in construction, food, manufacturing, cleaning, landscaping, auto repair, retail, healthcare or office-based industries.

Founded in 2017, the company sold its first policy in March 2018 and over the first 11 months since it launched, it has generated almost $10m in written premium for thousands of small business owners. Pie Insurance claims around 80 per cent of small businesses overpay for worker’s compensation coverage, some pay up to 30 per cent too much.

Its services are currently available in 18 US stats, covering around 60 per cent of the workers’ compensation market. Expectations are to make its platform available to the whole of the US by the end of 2019.

Greycroft co-founder and partner Ian Sigalow said, “In addition to their strong growth, Pie is producing outstanding underwriting results. The company is positioned to make a huge impact on the small business market for commercial insurance.”

The company has raised a total of $61m in total equity rounds, with its Series A closing on $11m late last year. Greycroft led the former series funding, with Aspect Ventures, Sirius Group and Elefund among the other backers.

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