Pie Insurance, an insurtech specializing in workers' comp insurance for small businesses, today announced the completion of a $118 million Series C funding round. Investors Allianz X and Acrew Capital led the round, and existing investors Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings also participated in the round.

This funding round follows Pie's $127 million Series B extension round in May 2020, in which it formed Pie Carrier Holdings with a $100 million equity capital commitment to create and purchase licensed insurance companies. In total, Pie has raised over $300 million in funding since being founded in 2017.

Pie Insurance is modernizing small business insurance by automating the entire experience to provide simple, trusted, and affordable coverage. Pie's unique combination of innovative technology, sophisticated analytics, and industry expertise enables savings of up to 30% for small business owners on AM Best A- (Excellent) rated workers' comp insurance directly through its website or through partner agents. Since 2017, Pie has received over $300M in funding, grown its gross written premium to over $100M, and partnered with over 1,000 agencies nationwide.