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Funding / Startups

DC-based Pie Insurance raises $11M Series A

With the new funding, the company is planning geographic expansion.

What do the locals do around here? (Photo by Tajha Chappellet-Lanier)
Correction: This story was updated to clarify that Pie Insurance sells directly to small businesses. (4:40 p.m. on 8/15/18).

Pie Insurance, an online provider of workers’ compensation insurance to small and medium sized businesses, raised $11M in Series A funding, the company announced this month.

The round for the year-old startup was led by Greycroft, and included participation from Aspect Ventures, as well as existing investors Sirius Group, Moxley Holdings, and Elefund, according to a release.

The year-old company says it offers an online buying process for workers’ compensation insurance in eight states. It plans to further expand geographically following the funding. The company’s platform uses analytics to identify risk for the businesses, and prices plans.

“SMB owners are unfairly burdened by an outdated business model that requires too much of their time and effort in order to meet their insurance needs,” John Swigart, cofounder and CEO of Pie Insurance, said in a statement.  “We can remove these hurdles for a larger number of small businesses with this investment.”

Swigart previously worked for 13 years as an executive at Esurance, which was acquired by Allstate in 2011. Greycroft Partner and cofounder Ian Sigalow pointed to a pair of reasons for the venture capital firm’s interest. Pie Insurance has “a unique set of underwriting data and an experienced founder who was instrumental in building an online insurance company that was sold for over a billion dollars,” Sigalow said in a statement.

The company previously raised $4.3 million in seed funding.

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