US-based worker’s compensation insurance provider Pie Insurance has closed a $45m series B round that included insurance firm Sirius Group, increasing its overall funding to $61m.
The corporate was joined by SVB Capital, a branch of venture debt provider Silicon Valley Bank, as well as venture capital firms Greycroft, Moxley Holdings and Aspect Ventures, and VC fund Elefund.
Founded in 2017, Pie offers worker’s comp insurance directly to businesses to protect against workplace accidents, and tailors its policies to suit small businesses. It has been deployed as a managing general agency for Sirius subsidiary Sirius America.
The company began issuing policies in March 2018 and is present in 19 US states. The series B funding will support a geographic expansion drive that will take place alongside the addition of more sources of distribution.
John Swigart, Pie’s co-founder and CEO, said: “I am so proud of what our team has accomplished in a short period of time. We are 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.”
Sirius, Moxley Holdings and Elefund provided $5m of seed funding for Pie that was disclosed alongside an $11m series A round in August 2018 led by Greycroft and backed by Aspect Ventures.
