American insurtech startup Pie Insurance has raised nearly $45m in Series B funding round as part of its plan to expand operations.

The funding round was joined by investors SVB Capital, Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures, and Elefund.

So far, Pie has raised $61m to support its approach toward workers’ compensation insurance for small businesses.

Pie Insurance to focus on expansion

The company intends to invest the funds to expand geographically, add new distribution sources, and continue to make the entire experience easy for its customers.

Currently, Pie is available in 19 states covering over 60% of the workers’ compensation market in the US. It hopes to expand across the US by the end of 2019.

SVB Capital partner Tilli Kalisky-Bannett said: “We are impressed by the momentum Pie has achieved in less than a year. We’re thrilled to join this phenomenal team in their next phase of growth.”

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Due to its easy-to-use digital experience and competitive prices, Pie has generated more than $10m in written premium during the first 11 months since launch in June last year.

Greycroft co-founder and partner Ian Sigalow said: “In addition to their strong growth, Pie has produced outstanding underwriting results.

“The company is positioned to make a huge impact on the small business market for commercial insurance.”

Operating as a managing general agency for Sirius America Insurance Company, the firm offers workers’ compensation insurance directly to small businesses.