WASHINGTON, DC, Pie Insurance announced the completion of an $11M Series A funding round.
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The round was led by Greycroft, and included participation from Aspect Ventures, as well as existing investors Sirius Group, Moxley Holdings, and Elefund.
Founded in May 2017, Pie Insurance has disrupted the small business (SMB) workers' compensation market with frictionless, near-instant online direct distribution. The company built a full stack managing general agent (MGA) operation and secured the necessary regulatory approvals in less than 12 months. Today, Pie offers a seamless online buying process for SMBs in eight states. The new funds will be used to scale the company's operations and to expand geographically, as workers' compensation is a requirement for SMBs in every state except Texas.
"Pie combines two elements that really stand out - 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," said Ian Sigalow, Partner and Co-Founder of Greycroft. "They have already accomplished a lot, which is particularly noteworthy because they launched the company only a little more than a year ago."
Pie's unique business model and value proposition utilize advanced analytics to more accurately identify risk for SMBs, removing steps from the purchase process, and often generating significant savings. According to its predictive model, 80% of small businesses are overpaying for coverage, often by as much as 30%.
"SMB owners are unfairly burdened by an outdated business model that requires too much of their time and effort in order to meet their insurance needs," said John Swigart, Co-founder and CEO of Pie. "We can remove these hurdles for a larger number of small businesses with this investment."
Insurance offered by Pie has earned an A rating from A.M Best. For more information, visit www.pieinsurance.com.
About Pie Insurance
Pie Insurance provides workers' compensation insurance directly to small businesses at www.pieinsurance.com. Offering A.M. Best A rated insurance, Pie leverages data analytics, easy-to-use online features, and a seasoned team of insurance experts to create an insurance model that's as easy as pie. The company began offering insurance policies in 2018 with a mission of helping small businesses experience true savings and an unmatched level of service.