Pie Insurance is eyeing an expanded geographic reach and new distribution avenues for its online workers compensation insurance, fueled by a newly closed $45 million venture financing.
A number of investors participated in the Series B funding round, including SVB Capital, Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures and Elefund, according to Pie’s announcement.
Including the new round, Pie has raised $61 million. Pie, which launched in May 2017, is now available in 19 states covering more than 6o percent of the U.S. workers compensation market and expects to expand nationally by the end of 2019. Its focus is on the small business market.
Pie sold its first policy in March 2018 and claims it has generated more than $10 million in written premium in the first 11 months since formally launching. The Washington, D.C.-based InsurTech startup operates as a workers compensation-focused managing general agency for Sirius America Insurance Company, a subsidiary of Sirius Group.
“I’m so proud of what our team has accomplished in a short period of time,” Pie co-founder and CEO John Swigart said in prepared remarks. “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 raised its seed financing round in October 2017 and its $11 million Series A financing in July 2018.
Source: Pie Insurance