Less than six months after raising $4.3 million through its seed round led by Sirius Group, Moxley holdings and Elefund, insurtech startup Pie Insurance announced it has secured $45 million through its Series B funding round. The round attracted Moxley Holdings and Elefund, along with various investors, including SVB Capital, Sirius Group, Greycroft, and Aspect Ventures.
Founded in 2017, Pie describes itself as a fast-growing insurtech startup that offers workers’ compensation insurance directly to small businesses. The company revealed it began offering workers’ compensation insurance policies in 2018 with the mission of helping small businesses experience true savings and an unmatched level of service. Pie sold its first policy in March 2018, and in the first 11 months since launch, it has generated more than $10 million in written premium as thousands of small business owners have been drawn to the company’s easy-to-use digital experience and competitive prices.
Speaking about the investment and the company’s growth, Pie Co-Founder and CEO, John Swigart, stated:
“I’m so proud of what our team has accomplished in a short period of time,” said “We’re grateful to work with such supportive investors to take Pie to the next level and fundamentally change the way small businesses get workers’ compensation insurance.”
Pie Insurance reported that to date it has raised $61 million to fund its innovative approach toward workers’ compensation insurance for small businesses. The company noted it will be using the funds to expand geographically, add new distribution sources, and continue to make the entire experience easy as pie for its customers.
