Sirius-backed workers’ comp insurtech Pie Insurance secures $45m Series B funding

US insurtech start-up Pie Insurance has secured $45 million in Series B funding round led by SVB Capital,  Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures, and Elefund.

Founded in May 2017, Pie targets the small business (SMB) workers’ compensation market. In the first 11 months since launch the company has generated more than $10 million in written premium.

The company has now raised $61 million, including $11 million Series A. It currently serves 19 states covering more than 60 percent of the US workers’ compensation market and it expects to expand nationally by the end of 2019.

Pie said it will use the latest funds to expand geographically, add new distribution sources, and continue to make the entire experience easy as pie for its customers.

“We are impressed by the momentum Pie has achieved in less than a year,” said Tilli Kalisky-Bannett, partner at SVB Capital. “We’re thrilled to join this phenomenal team in their next phase of growth.”

Ian Sigalow, co-founder and partner at Greycroft, added: “In addition to their strong growth, Pie has produced outstanding underwriting results. The company is positioned to make a huge impact on the small business market for commercial insurance.”

Pie co-founder and CEO John Swigart, commented: “I’m so proud of what our team has accomplished in a short period of time. “We’re grateful to work with such supportive investors to take Pie to the next level and fundamentally change the way small businesses get workers’ compensation insurance.”