Workers’ compensation insurtech start-up Pie Insurance has raised $45 million in Series B funding.
Participating investors in the round included SVB Capital, Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures, and Elefund.
A release said that, to date, Pie has raised a total of $61 million. The company will use the funds it has raised to expand geographically, add new distribution sources, and “continue to make the entire experience easy as pie for its customers.”
Pie Insurance’s coverage is available in 18 states. Earlier this year, the company began selling workers’ compensation insurance to small businesses in Iowa, Kansas, Kentucky, and New Mexico – with plans to sell coverage nationwide by the end of the year.
“We are impressed by the momentum Pie has achieved in less than a year,” said SVB Capital partner Tilli Kalisky-Bannett in a statement. “We’re thrilled to join this phenomenal team in their next phase of growth.”
The company sold its first policy in March 2018; in the first 11 months since it launched, Pie Insurance has generated almost $10 million in written premium.
“In addition to their strong growth, Pie is producing outstanding underwriting results,” commented Greycroft co-founder and partner Ian Sigalow. “The company is positioned to make a huge impact on the small business market for commercial insurance.”
“I’m so proud of what our team has accomplished in a short period of time,” remarked Pie co-founder and CEO John Swigart. “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.”
Swigart told Reuters that Pie is trying to corner a piece of the small business insurance market, which has $100 billion in insurance premiums. The executive added that workers’ compensation represents $25 billion of that number.
“The great thing is its required coverage for every business in the country that has employees,” he added.