Insurance group Allianz has co-led a $118m series C round for US-based workers’ compensation insurance Pie Insurance with venture capital firm Acrew Capital through its digital investment arm, Allianz X.
SiriusPoint, the reinsurance provider formed through the merger of Third Point Reinsurance and existing Pie investor Sirius Group, also contributed to the round, as did Greycroft, SVB Capital Elefund and Moxley Holdings.
Pie offers workers’ comp insurance to small businesses through an online platform that uses advanced data analytics technology to automate the process. It will use the cash to strengthen its technology as it prepares to expand with new products later this year.
The company had previously received $88m in equity funding in addition to $100m of capital raised in May 2020 allocated to establishing an affiliate called Pie Carrier Holdings, alongside $27m for Pie itself.
The May funding came from Sirius Group, SVB Capital, Gallatin Point Capital, Elefund, Greycroft and Aspect Ventures and it followed $45m in a series B round featuring Sirius, SVB Capital, Greycroft, Moxley Holdings, Aspect Ventures and Elefund a year earlier.
Sirius took part in Pie’s $11m series A round in 2018 together with Greycroft, Aspect Ventures and fellow existing investors Moxley Holdings and Elefund. They had also joined Sirius in a $5m seed round announced together with the series A.
Allianz X CEO Nazim Cetin said: “Pie is fundamentally transforming the commercial property and casualty insurance market in the US. Using pioneering technology, Pie has revolutionised the customer experience, ensuring that a previously lengthy process has become more efficient for everyone involved.
“The company has enormous growth potential far beyond its current core business. For Allianz, there are plenty of opportunities for cooperation with Pie, for example, in the joint development and sale of insurance solutions. We also see collaboration potential with some of our other [business-to-business] portfolio companies.”
