US-based worker’s compensation insurance provider Pie Insurance completed a $127m funding round backed by insurance provider Sirius Group yesterday.
The round also featured SVB Capital, a subsidiary of venture debt provider Silicon Valley Bank, in addition to investment firm Gallatin Point Capital and venture capital fund Elefund and VC firms Greycroft and Aspect Ventures.
Pie offers workers’ compensation insurance both directly and through thousands of independent agents. The policies are specifically aimed at small businesses and are currently available in 34 US states as well as Washington, DC.
The $127m consists of two deals, with a total of $27m allocated to further growing Pie Insurance’s current offering.
The remaining $100m will be used to establish a new affiliate company called Pie Carrier Holdings that will form and acquire licensed insurance companies which will be used to issue a portion of Pie Insurance’s policies.
Gallatin Point Capital is the lead investor in Pie Carrier, which has also received capital from Sirius Group.
Pie has secured $188m in equity financing to date. Sirius had previously contributed to its $45m series B round in March 2019, which included SVB Capital, Greycroft, Elefund, Aspect Ventures and Moxley Holdings.
Greycroft led an $11m series A round for the company in 2018, with participation from Aspect Ventures. The series A was disclossed at the same time as a $5m seed round featuring Sirius, Moxley Holdings and Elefund.
