Pie Insurance, an insurtech that specializes in small business workers’ compensation, announced it has raised $315 million in Series D funding. Pie’s total capital increased to over his $615 million. The round was led by Centerbridge Partners and Allianz X, the digital investment arm of Allianz Group. White Mountains Insurance Group also participated as a new investor, and previous investors including Gallatin Point Capital, Greycroft and Acrew Capital also participated in the round.
“It’s no secret that growth-stage startups, especially insurtechs, face a difficult funding environment. “However, Pie’s ability to grow rapidly while focusing on delivering strong unit economies and sustained loss ratios has proven to be a key differentiator. In addition to announcing that it has more than doubled premiums and doubled the number of policyholders and partners, Pie has expanded its coverage area into two new states and expanded its total workforce to US small business.
“Pie has tapped into the highly fragmented small business commercial insurance market with its unique technology to more accurately price and underwrite insurance risks,” the company said. It’s confusing,” Swigart added. “The InsurTech 2.0 phase of this industry-wide transformation is being built by companies like Pie to use their technology to ‘make insurance better’ and deliver superior traditional insurance metrics as well as an enjoyable customer experience. We believe in providing