Pie Insurance, an insurtech selling workers’ compensation coverage online to small businesses, has completed a $45 million Series B funding round. Participating investors included SVB Capital, Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures, and Elefund.
To date, Pie has raised $61 million. Last August, Pie raised $11 million. The company said it will use the funds to expand geographically, add new distribution sources, and “continue to make the entire experience easy as pie for its customers.”
Pie sold its first policy in March 2018, and since then it says it has generated more than $10 million in written premium.
Pie is now available in 19 states and plans to expand nationally by the end of 2019.
Pie operates as a managing general agency for Sirius America Insurance Co, a subsidiary of Sirius Group. Pie’s investors include SVB Capital, Greycroft, Aspect Ventures, Sirius Group, Moxley Holdings, and Elefund.
Pie utilizes analytics to identify risk and price policies for businesses, removing steps from the purchase process, and generating savings for many businesses. According to its predictive model, 80 percent of small businesses are overpaying for coverage, often by as much as 30 percent.
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