Pie Insurance raises $45M Series B funding round

Pie Insurance is looking to continue to scale, as the downtown D.C. company just completed a $45 million Series B funding round.

“We’re grateful to work with such supportive investors to take Pie to the next level and fundamentally change the way small businesses get workers’ compensation insurance,” said John Swigart, Pie CEO https://t.co/CCFF1lde0r

— Pie Insurance (@pie_insurance) March 5, 2019

The online provider of workers’ compensation insurance to small and medium-sized businesses plans to use the funding for geographical expansion, and to add new distribution sources. The funding round was led by SVB Capital with participation from Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures and Elefund. The startup has raised a total of $61 million to date, a press release states.

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

Currently available in 19 states, the insurance tech startup launched in 2017. Since then, it’s also raised an $11 million Series A funding round which helped the company  expand to more states before closing this recent round. Pie Insurance didn’t sell its first insurance policy until March 2018, so the company has shown much growth in the last year.

“I’m so proud of what our team has accomplished in a short period of time,” Pie cofounder and CEO John Swigart said in a statement. “We’re grateful to work with such supportive investors to take Pie to the next level and fundamentally change the way small businesses get workers’ compensation insurance.”