Business

Pie Insurance gets $118 million in funding for SMBs

pie insurance smbs 118m series 127m

Pie Insurance is a leading startup that caters to smaller businesses, providing workers’ compensation insurance. It has confirmed new funding of $118 million as part of its Series C funding round.

Allianz X is the investment division of Allianz, the financial services giant from Germany. The round was co-driven by Acrew Capital. The company has raised a total of more than $300 million since its establishment in the year 2017. Pie has not revealed the valuation, although it has increased considerably according to reports.

Return investors like SiriusPoint, SVB Capital, Moxley Holdings, and Elefund took part in the Series C funding round, along with Greycroft. The startup makes use of analytics and data in its initiatives for providing digital insurance possibilities for small and medium businesses affordably and through the digital route. It has seen its revenues increase by 150% ever since it got $127 million in the Series B extension.

The headcount of the company has also gone up to 260 as compared to 140 in the last year. Pie started retailing insurance policies in March 2018. The company did not provide hard-revenue figures, stating that the company has scaled up its GWP (gross written premium) to more than $100 million, while tying up with 1,000+ agencies throughout the country. Executives have stated that in Q1 2020, the company had written premiums close to $19 million, indicating 150% of growth from $7.5 million in the same duration in 2019. Pie Insurance has been driven by the cloud and internet while benefiting from swifter digital adoption. The company has several smaller businesses including contractors, traders, auto shops, janitors, and restaurants. Pie directly sells insurance via its portal while also through innumerable independent insurance agents.

Read More :- Edtech Platform Emeritus Raises $650 million Funding From SoftBank, Accel, And Others

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