June 14, 2024

Investments & Exits

Pie Insurance Collects $315 million Series D round of funding

Pie Insurance closed a $315 million Series D funding. The SMB-focused insurance company has managed to pull off this feat in an unstable economic environment where investors are backing out of venture funding.

With the Series D financing, the company’s total capital has doubled to $615 million since it was founded in 2017. Pie Insurance claims that this amount is the biggest funding round for Property and Casualty (P&C) companies based in the US this year but has not disclosed the valuation.

Pie Insurance is a startup operating from Washington, D.C, which uses analytics and data to help SMBs obtain digital insurance at affordable prices. The company has increased its annualized run rate premium to $300 million and doubled its gross written premium in the first four months of 2022.

Pie’s policyholders and insurance agency partners have also doubled from 2021 to 2022.

In his written statement, the CEO and co-founder of Pie Insurance, John Swigart noted that budding startups are currently facing a challenging fundraising environment. However, Pie is a significant differentiator with its rapid growth ability to deliver sustainable loss ratios and strong unit economics.

Pie caters to small businesses like landscapers, contractors, restaurants, auto shops, and janitors. The company sells its insurance products online and through agents.

Going forward, Pie will use its new capital to foray into new business avenues and become a full-stack carrier.

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