Small business-focused insurtech will use funds to increase growth and expand operations
Pie Insurance, one of the fastest-growing insurtechs in the country, announced the closing of $127 million in new financing and capital commitments. Gallatin Point Capital joined Pie’s current investors in the capital raise, including Greycroft, SVB Capital, Aspect Ventures, Elefund, and Sirius International Insurance Group, Ltd. The new financing includes $27 million to support the continued growth and expansion of Pie Insurance’s offering to small business owners. The additional $100 million equity capital commitment will support Pie’s strategic initiative to form and purchase licensed insurance companies.
Pie was founded in 2017 to provide workers’ compensation insurance to small businesses, both directly through its website and also through thousands of independent insurance agents. Over the past twelve months, Pie has grown its written premium 150% to nearly $19 million in Q1 of 2020. Tens of thousands of small businesses have received quotes using the company’s simple online experience, driven in part by Pie’s recent national television advertising campaign. Pie has also expanded its availability through independent insurance agents, adding hundreds of additional agencies this year. Pie offers workers’ comp coverage in 34 states and the District of Columbia and will continue to expand across the nation to serve more small businesses, either directly or through their agents.
“Pie continues to demonstrate significant momentum, even in the current economic climate,” said Ian Sigalow, Co-Founder and Partner at Greycroft. “We’re pleased to help fuel the company’s next stage of growth as they transform the market for small business insurance.”