December 8, 2022

Pie insurance that provides Workers’ compensation insurance closed for small businesses in a $315 million Series D funding round.

In 2021, the scale of this tour would not have caught the eye. But in today’s environment, where investors are holding back and project financing has slowed dramatically, a $315 million increase stands out.

The funding doubles Pie’s total capital raised since its inception in 2017 to more than $615 million. The company claims to be the largest funding round of any US-based P&C (property and accident) company this year. But this has not been independently verified by TechCrunch.

Rating is not disclosed.

The Washington, DC-based startup, which uses data and analytics in its efforts to provide small and medium-sized businesses with a way to obtain affordable and digital insurance, says it has More than double its gross written premiums, and doubled the number of policyholders and partners.

Centerbridge Partners and Allianz X – the digital investment arm of the Allianz Group – co-led the tour. White Mountains Insurance Group has also joined as a new investor, and former backers Gallatin Point Capital, Graycroft, Acrow Capital and others have also taken part in the round.

“This round of funding is huge in more ways than one,” Pie co-founder and CEO John Swiggart said in a written statement. “It is no secret that growth stage startups, and specifically IT companies, face a challenging fundraising environment. However, Pie’s ability to grow rapidly while still focusing on providing strong unit economies and sustainable loss ratios, proves to be a factor major difference.”

Pie’s customer base includes a range of small businesses including trading, contractors, landscapers, rangers, auto shops and restaurants. The company sells its insurance directly through its website and also through thousands of independent insurance agents.

through success Multiple distribution channels Coupled with “Amazing Loss Ratios” Attracted Eric Hoffman, Managing Director at Centerbridge Partners, to co-lead the investment.

Notably, workers’ compensation insurance is the only business insurance imposed for nearly every company in the United States, notes Lauren Kolodny, co-founder at Acrew Capital.

Looking to the future, Pie plans to use its new capital to expand into new lines of business and transition into an integrated transportation company.

As TC’s Alex Wilhelm wrote earlier this year: The decline in the value of Unicorns General Insurance has been a topic that the exchange has covered over the past year, noting the growing damage as valuations drop from low to low. However, when CB Insights fell back Financial technology data collection for 2021It indicated that the activity of global insurance technology projects has recorded a new high this year.

This week we covered the rise of specialty insurance coverage providers Boundless Rider and CoverTree, which offer products specifically for homeowners of prefab and e-bikes, respectively.

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