Pie Insurance, which offers workers’ compensation insurance to small businesses, has raised $118m in a Series C round to fuel growth.

The latest financing round was led by Allianz X and Acrew Capital. They were joined by current backers Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings.

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The new round brings the total capital raised by the insurtech to date to over $300m.

Commenting on Pie, Allianz X CEO Nazim Cetin said that the insurtech has transformed the commercial property and casualty insurance space in the US.

Cetin noted: “The company has enormous growth potential far beyond its current core business. For Allianz, there are plenty of opportunities for cooperation with Pie, for example, in the joint development and sale of insurance solutions.

“We also see collaboration potential with some of our other B2B portfolio companies.”

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Pie plans to make further investments in technology and automation with the new capital. The company also intends to use the money for growing its core workers’ compensation insurance business, and lay the groundwork for new offerings this year and beyond.

In May 2020, Pie received $127m in new funding and capital commitments. This involved a $100m equity capital commitment to fund its strategic initiative to form and purchase licensed insurance companies. As part of it, it formed a new affiliated company, Pie Carrier Holdings.

Pie co-founder and CEO John Swigart said: “Now more than ever, small businesses deserve to be supported, not hindered, by their insurance company.

“Pie is leading the charge in building a more affordable and modern insurance experience, and today’s funding enables us to expand our operations and invest in technology and tools that will have an immediate impact on our customers and partners.”