Pie Insurance, an insurtech focused on small businesses, has raked in $315m via a Series D funding round, nearly doubling the company’s total capital to more than $615mn.
Private investment management firm Centerbridge Partners and Allianz Group’s digital investments unit Allianz X led the fundraise.
The round also saw the participation of White Mountains Insurance Group, Gallatin Point Capital, Greycroft, Acrew Capital among others.
Pie called the latest fundraise the largest funding round received by any property and casualty insurtech in the US in 2022.
The company provides workers’ compensation insurance to small businesses.
It intends to use the capital to serve as a full-stack carrier by foraying into new lines of business.
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Besides, it plans to further develop its pricing algorithms, and offer better user and product experiences to small businesses and partner agents.
Pie co-founder and CEO John Swigart said: “Pie’s ability to grow rapidly while still focusing on delivering strong unit economics and sustainable loss ratios, is proving to be a key differentiator.
“Pie is disrupting the highly fragmented small business commercial insurance market through our proprietary technology which more accurately prices and underwrites insurance risks.
“We believe the insurtech 2.0 phase of this industry-wide transformation will be built by companies like Pie that leverage their technology to ‘do the insurance better’ and deliver superior traditional insurance metrics along with a delightful customer experience.”
Centerbridge Partners managing director Eric Hoffman said: “Pie’s demonstrated ability to grow across multiple distribution channels at impressive loss ratios truly distinguishes them within the insurtech space.” Pie, founded in 2017, has so far collaborated with over 2,800 agencies across the US.