Pie Insurance smbs 118m Series Maryann
Pie Insurance, a small business workers’ compensation insurance company, announced this morning that it has closed on $118 million in Series C funding.
For the Series C financing, Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings also participated.
Allianz X and Acrew Capital (lead investors) have helped invest $300 million in Pie Inc. since the startup was founded in 2017. Pie declined to share their latest venture’s valuation with our reporters, but we’re sure it’s at a significant increase over what they’ve previously raised.
Pie Insurance smbs 118m Series Funding
The startup, which is committed to providing small businesses with a digital way to purchase or renew their insurance policies, has seen its revenue grow by 150% since it raised $127 million in an extension of its Series B last May. Its headcount has also grown, from 140 employees last year to 260 employees this year.
Pie Insurance is among many other companies in the past year that have benefited from the increase in digital technology. With a cloud-based, internet-driven platform, Pie Insurance has seen a boost in its adoption rates.
Pie began selling insurance policies in March of 2018 and declined to give new hard revenue numbers, saying only that its gross written premium had grown to over $100 million. The company partnered with 1,000 agencies nationwide and last year, execs said Pie had written nearly $19 million in premiums, up 150% from under $7.5 million during the same period in 2019.
John Swigart says, “We are riding that wave.” His business, Pie Insurance, believes small businesses deserve better and has plans to improve their experience and efficiency. John says technology will help achieve that by delivering a lower price for better products.
Pie is not just for small businesses. In fact, it has customers in many different industries including specialist trades, contractors, landscapers, window cleaners, and more. Pie’s insurance can be purchased directly on its website or through thousands of independent agents.
As Lauren Kolodny, founding partner at Acrew Capital points out, Workers Comp insurance is the only commercial insurance required for nearly every company in the US.
Historically, getting workers’ comp insurance for small businesses has been a challenge. That’s because small firms haven’t been prioritized by larger carriers.
“A lot of opportunity is being lost as a result,” said Koldony of not having pricing transparency, which is why she believes there’s a need for insurers like Pie that can provide underwriting quickly and affordably.
Digital payday loan startup Pie won’t take on any outside investment, but its CEO Dr. Nazim Cetin told TechCrunch that his firm believes the company is operating in an “attractive and growing market that is ripe for digital disruption.”
The insurance company makes extensive use of data to provide personalized solutions for those looking for insurance, We see a lot of potential for great collaboration between our companies,” he adds.
The company plans to invest more in technology and automation in the coming years, as well as grow its core workers’ comp insurance business. They are also looking to prepare themselves for new possibilities by 2020-2021.
Pie Insurance smbs 118m series series
This is great news for small business owners who have been struggling to find affordable workers’ compensation insurance. With this $118 million in Series C new round of funding.
Pie Insurance will be able to expand its operations and provide even more competitive rates. We encourage you to get a quote from Pie Insurance and see how much you could save on your workers’ compensation insurance premiums.