What is Pie Insurance?
Pie Insurance is at the forefront of modernizing the commercial insurance sector for small businesses by leveraging advanced technology. The company's core mission is to simplify the procurement and experience of business insurance, making it as effortless as possible. Pie achieves this through a sophisticated, data-driven approach to pricing and customer segmentation. This granular analysis allows for accurate risk assessment across a diverse range of small business types, enabling Pie to offer more competitive and affordable insurance policies. Since its inception in 2017, Pie has experienced remarkable growth, amassing over $300 million in funding and future commitments, surpassing $100 million in gross written premium, and establishing partnerships with over 1,000 agencies nationwide. Key keywords for Pie Insurance include: Insurtech, Small Business Insurance, Commercial Insurance, InsurTech, Commercial Lines, Small Business, Insurance Technology, InsurTech Startup, Business Insurance.
How much funding has Pie Insurance raised?
Pie Insurance has raised a total of $616M across 5 funding rounds:
Series A
$11M
Series B
$45M
Other Financing Round
$127M
Series C
$118M
Series D
$315M
Series A (2018): $11M with participation from Greycroft Partners, Aspect Ventures, Elefund, Moxley Holdings, and Sirius Group
Series B (2019): $45M led by SVB Capital, Aspect Ventures, Sirius Group, Elefund, Greycroft Partners, and Moxley Holdings
Other Financing Round (2020): $127M supported by Sirius International Insurance Group, Greycroft Partners, Elefund, Gallatin Point Capital, Aspect Ventures, and SVB Capital
Series C (2021): $118M featuring SiriusPoint Ltd, Allianz X GmbH, Acrew Capital, Greycroft Partners, Elefund Capital, and SVB Capital
Series D (2022): $315M backed by Gallatin Point Capital, Allianz X, Centerbridge Partners, and White Mountains Insurance Group
Key Investors in Pie Insurance
Allianz X GmbH
Allianz X is the strategic growth investments arm of Allianz Group, focusing on high-potential companies in the financial services sector, including insurtechs.
Centerbridge Partners
Centerbridge Partners is a private investment management firm with a focus on private equity, credit, and real estate strategies.
White Mountains Insurance Group
White Mountains Insurance Group is a diversified insurance and financial services holding company that invests in and manages businesses for long-term value creation.
What's next for Pie Insurance?
With its latest major strategic investment, Pie Insurance is poised for accelerated expansion and further technological development. The substantial capital infusion, particularly the recent $315M, will likely fuel initiatives aimed at enhancing its data analytics capabilities, broadening its product offerings, and expanding its market reach. The company's consistent track record of securing significant funding rounds, culminating in this enterprise-level financing, signals strong investor confidence in its business model and its potential to disrupt the traditional commercial insurance landscape. Pie Insurance's strategic focus on technology and data positions it for continued growth and innovation in serving the underserved small business market.
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