Total amount raised
$621 Million
Latest funding date
9/1/2022
Location
Pie Insurance has successfully raised funds through six different funding rounds, with notable investors including Greycroft, White Mountains Insurance Group, Allianz X, and Centerbridge Partners. The most recent funding round was a Series D, which saw participation from six investors.
Pie Insurance specializes in providing small business insurance, leveraging data-driven technology to offer efficient and competitive coverage. Keep reading to explore the intricacies of Pie Insurance's fundraising journey and the investors backing this innovative platform.
What Is Pie Insurance?
Pie Insurance, based in Bethesda, Maryland, specializes in providing insurance services to small businesses. The company operates within the financial services, insurance, and InsurTech sectors, focusing on small and medium businesses.
With an employee count ranging between 251 and 500, Pie Insurance leverages data-driven technology to offer competitive and efficient insurance coverage. The company has raised funds through multiple rounds, with the latest being a Series D round.
How Much Funding Has Pie Insurance Raised?
- Seed Round
- Amount Raised: USD 5,000,000
- Date: October 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop its initial product offerings.
- Series A
- Amount Raised: USD 11,000,000
- Date: June 2018
- Lead Investors: Greycroft
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Series B (2019)
- Amount Raised: USD 45,000,000
- Date: March 2019
- Lead Investors: SVB Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand product offerings.
- Series B (2020)
- Amount Raised: USD 127,000,000
- Date: May 2020
- Lead Investors: Gallatin Point Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion.
- Series C
- Amount Raised: USD 118,000,000
- Date: March 2021
- Lead Investors: Acrew Capital, Allianz X
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion.
- Series D
- Amount Raised: USD 315,000,000
- Date: September 2022
- Lead Investors: Allianz X, Centerbridge Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new lines of business, transition to a full-stack carrier, and further develop proprietary pricing algorithms.
Total Amount Raised: USD 621,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Allianz X
- Details: Allianz X is the digital investment unit of Allianz Group, focusing on digital growth companies in the insurance and financial services sectors.
- Investment Focus Areas: Insurance, financial services, digital growth companies.
- Notable Investments: Lemonade, N26, WeLab.
- Centerbridge Partners
- Details: Centerbridge Partners is a private investment management firm that focuses on private equity and credit investments across various sectors.
- Investment Focus Areas: Private equity, credit investments, various sectors.
- Notable Investments: GoHealth, KIK Custom Products, Syncsort.
- Greycroft
- Details: Greycroft is a venture capital firm that invests in early and growth-stage technology companies.
- Investment Focus Areas: Technology, media, healthcare.
- Notable Investments: Venmo, Braintree, The RealReal.
- Gallatin Point Capital
- Details: Gallatin Point Capital is an investment firm that focuses on financial services and financial technology sectors.
- Investment Focus Areas: Financial services, financial technology.
- Notable Investments: Enova International, Venerable Holdings.
- Acrew Capital
- Details: Acrew Capital is a venture capital firm that focuses on early-stage and growth-stage technology companies.
- Investment Focus Areas: Financial technology, cybersecurity, enterprise software.
- Notable Investments: Chime, Exabeam, Deserve.
What's Next for Pie Insurance?
Pie Insurance is poised for significant growth as it expands into new lines of business and transitions to a full-stack carrier. The company aims to leverage its advanced proprietary pricing algorithms and increase its market coverage, targeting the 32.5 million small businesses in the U.S. This expansion presents a substantial opportunity, supported by the recent $315 million Series D funding round, the largest for a U.S.-based insurance tech company this year.
Future fundraising opportunities appear promising, given the company's aggressive growth and innovation plans. Pie Insurance's demonstrated ability to attract major investors like Centerbridge Partners and Allianz X suggests potential for additional funding rounds. However, the company will need to navigate a challenging fundraising environment for growth-stage startups and insurtechs, maintain strong unit economics, and compete in a highly fragmented market.
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