How Much Did Pie Insurance Raise? Funding & Key Investors

Pie Insurance has successfully raised significant capital through multiple funding rounds, with the latest being a Series D. The company has garnered the support of 17 investors, including notable names like Greycroft and White Mountains Insurance Group.

Keep reading to delve into the details of Pie Insurance's funding journey and the investors who believe in its mission to revolutionize small business insurance.

What Is Pie Insurance?

Pie Insurance, founded by Dax Craig and John Swigart in 2017, is headquartered in Denver, Colorado. The company specializes in providing workers' compensation insurance to small businesses through a simple online experience.

Leveraging data analytics and a seasoned team of insurance experts, Pie Insurance aims to revolutionize workers' comp for small businesses. They also offer other insurance products like Business Owner's Policy, Commercial Auto Insurance, and General Liability Insurance.

With a workforce of 251-500 employees, Pie Insurance continues to grow, focusing on making small business insurance as easy as pie.

How Much Funding Has Pie Insurance Raised?

1. Seed Round
   • Amount Raised: $5M
   • Date: October 2017
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To kickstart operations and develop the initial product offering.
2. Series A
   • Amount Raised: $11M
   • Date: June 2018
   • Lead Investors: Greycroft
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand the team and scale the business operations.
3. Series B
   • Amount Raised: $45M
   • Date: March 2019
   • Lead Investors: SVB Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To enhance technology and expand market reach.
4. Series B
   • Amount Raised: $127M
   • Date: May 2020
   • Lead Investors: Gallatin Point Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support growth and further develop proprietary pricing algorithms.
5. Series C
   • Amount Raised: $118M
   • Date: March 2021
   • Lead Investors: Acrew Capital, Allianz X
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand into new states and increase policyholder base.
6. Series D
   • Amount Raised: $315M
   • Date: September 2022
   • Lead Investors: Centerbridge Partners, Allianz X
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand into new lines of business and transition to a full-stack carrier.

Total Amount Raised: $621M. Current Valuation: Not publicly disclosed.

Key Investors

• Allianz X
  • Details: Allianz X is the digital investment unit of the Allianz Group, one of the world's leading insurers and asset managers.
  • Investment Focus Areas: Digital growth companies in insurance, financial services.
  • Notable Investments: N26, WeLab, Lemonade.
• Centerbridge Partners
  • Details: Centerbridge Partners is a private investment management firm employing a flexible approach across investment disciplines—from private equity to credit and related strategies.
  • Investment Focus Areas: Private equity, credit, real estate.
  • Notable Investments: GoHealth, KIK Custom Products, Syncsort.
• Acrew Capital
  • Details: Acrew Capital is a venture capital firm that invests in early-stage and growth-stage companies.
  • Investment Focus Areas: Fintech, cybersecurity, enterprise software.
  • Notable Investments: Chime, Exabeam, Divvy.
• Gallatin Point Capital
  • Details: Gallatin Point Capital is a private investment firm focused on making opportunistic investments in financial services and financial technology.
  • Investment Focus Areas: Financial services, financial technology.
  • Notable Investments: Enova International, Venerable Holdings.
• SVB Capital
  • Details: SVB Capital is the venture capital and credit investment arm of SVB Financial Group, the parent company of Silicon Valley Bank.
  • Investment Focus Areas: Technology, life sciences companies.
  • Notable Investments: Stripe, Airbnb, LinkedIn.

What's Next for Pie Insurance?

Pie Insurance stands at the cusp of significant opportunities, poised to expand into new lines of business and transition to a full-stack carrier. With a market of 32.5 million small businesses in the U.S., the potential for growth is immense. The recent $315 million Series D funding round, the largest for a U.S.-based insurtech company this year, underscores the confidence investors have in Pie's innovative approach.

Future fundraising opportunities seem promising, given the company's robust growth trajectory and the substantial capital already raised. However, challenges such as a competitive insurtech landscape and maintaining sustainable loss ratios while scaling could pose hurdles. Navigating these challenges will be crucial as Pie Insurance continues to disrupt the fragmented small business commercial insurance market.

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