Washington, DC – April 9, 2021 – Cooley advised Pie Insurance, an insurtech specializing in workers’ compensation insurance for small businesses, on its $118 million Series C financing round, which brings the company’s total equity funding raised to more than $300 million. Partner Derek Colla led the Cooley team advising Pie.
Allianz X and Acrew Capital co-led the round, which also included participation from existing investors Greycroft, SVB Capital, SiriusPoint, Elefund and Moxley Holdings. Pie will use the new capital to invest further in technology and automation, as well as to grow its core workers’ compensation insurance business and lay the groundwork for new business offerings in 2021 and beyond.
“Commercial insurance is long overdue for the online transformation that personal lines have benefited from for years,” John Swigart, co-founder and CEO of Pie Insurance, said in a news release. “Now more than ever, small businesses deserve to be supported, not hindered, by their insurance company. Pie is leading the charge in building a more affordable and modern insurance experience, and today’s funding enables us to expand our operations and invest in technology and tools that will have an immediate impact on our customers and partners.”
Pie is modernizing small business insurance by automating the entire experience to provide simple, trusted and affordable coverage. Since 2017, the company has grown its gross written premium to more than $100 million and partnered with 1,000+ agencies across the US.
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