Pie Insurance, a US-based worker’s compensation insurance provider, has secured $11m in a series A round backed by insurance firm Sirius Group.
Greycroft led the round, which included contributions from fellow venture capital firms Aspect Ventures, Moxley Holdings and Elefund.
Pie offers worker’s compensation insurance to businesses, and in particular small and medium-sized operations. The company, which was founded in May 2017 and is currently operational in eight US states, will use the capital to expand into additional domestic markets.
John Swigart, Pie’s co-founder and chief executive, said: “[Small and medium-sized business] owners are unfairly burdened by an outdated business model that requires too much of their time and effort in order to meet their insurance needs.
“We can remove these hurdles for a larger number of small businesses with this investment.”
The latest round was closed alongside a $5m round Pie began raising in October 2017, and it named Sirius, Moxley and Elefund as existing investors.