Pie Secures $45M Round
March 7, 2019
Insurance, an insurtech startup founded in
2017, has completed a $45M Series B funding
round. Participating investors included SVB
Capital, Sirius Group, Greycroft, Moxley
Holdings, Aspect Ventures, and Elefund.
To date, Pie has raised $61 million to fund
its innovative approach toward workers’
compensation insurance for small businesses.
The company will use the funds to expand
geographically, add new distribution
sources, and continue to make the entire
experience easy as pie for its customers.
Pie is now available in 19 states covering
more than 60% of the U.S. workers’
compensation market and expects to expand
nationally by the end of 2019.
“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.”
sold its first policy in March 2018, and in
the first 11 months since launch the company
has generated more than $10 million in
written premium as thousands of small
business owners have been drawn to the
company’s easy-to-use digital experience and
competitive prices. According to Pie’s
proprietary analysis, 80% of small
businesses are overpaying for workers’
compensation coverage, often by as much as
“In addition to their strong growth, Pie has
produced outstanding underwriting results,”
said Ian Sigalow, Co-Founder and Partner at
Greycroft, whose Growth Fund participated in
this financing. “The company is positioned
to make a huge impact on the small business
market for commercial insurance.”
“I’m so proud of what our team has
accomplished in a short period of time,”
said Pie Co-Founder and CEO John Swigart.
“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