Pie Insurance is a Washington-based insurance company that aims to transform small business insurance initiating with worker’s compensation. Recently, the start-up has announced to have raised USD 118 million in its latest Series C financing round.
According to multiple reports, the funding round was led by the investment arm of German financial services- Allianz X and Acrew Capital, according to TechCrunch. The report further added that the company declined to disclose the company’s latest valuation after concluding its Series C round, the only official statement that has been released says that the valuation of Pie Investment had a significant increase.
Founded back in 2017 by Dax Craig and John Swigart, Pie Insurance is a worker’s compensation or salary insurance company that helps small businesses through a seemingly simple online experience. The start-up’s technology leverages data analytics, online features and a seasoned dedicated team of insurance professionals that sort and revolutionises the employee’s compensation in small businesses.
However, with this latest infusion of funds, the company has raised more than USD 300 million in funding since its inception back in the year 2017. Coming back to the funding, as mentioned in a report by TechCrunch, existing investors SVB Capital, SiriusPoint, Moxley and Elefund Holdings and Greycroft are also known to have participated in the company’s latest financing round.
The company basically uses technology to digitise worker’s compensation insurance in small businesses which comes out to be more efficient, more reliable and more affordable for small businesses. The report further mentions that after the conclusion of its Series B financing round, the start-up acknowledged a revenue climb of over 150% since it raised USD 127 million in last May as an extension of its Series B round.
We all know how COVID-19 has impacted small and large businesses all around the globe bit with this new wave of digital adoption across the globe because of the COVID-19 induced lockdowns, the start-up has certainly benefitted from these cloud-based and internet-driven industry standards. The further adoption of digital technologies has been a major reason for the start-up’s rise.
Pie Insurance caters to small businesses including janitors, auto shops, contractor, traders, landscapers and restaurants. The start-up is known to sell most of its business through its website but a major portion of its business is also sold through conventional independent insurance agents.
However, being a technology company, Pie Insurance leverages excellent proprietary data and analytics systems to be able to provide customers with a tailored underwriting and automation process in insurance as it deals with small businesses.