Working capital offering cloud-based start-up Pie Insurance recently announced closing a $118 Million deal in a series C funding round.
This investment round is led by Acrew Capital and Allianz X- the investment arm of Allianz, the German financial services provider. The recent investment made the company’s funding rise above $300 Million. This is a significant and markable increase in the company’s valuation. However, they haven’t confirmed the actual valuation yet. Backup investors for this series C deal include SVB Capital, Grey Croft, Sirius Point, Elefund, and Moxley Holdings. As per Pie Insurance $118M Series AllianzAzevedotechcrunch
Pie Insurance started its official operations in March 2018, primarily in the region of the U.S., by selling its policies and partnering with over 1000 agencies. According to the company, they have already crossed the gross written premium of $100 Million. However, they have declined to present statistics about the exact revenue generated.
The firm provides affordable, simple, and direct benefits to small businesses and has clients nationwide serving currently in America. Their customer base includes trades, janitors, contractors, landscapers, shops, and restaurants. They sell their insurance directly to businesses, and, along with direct selling, they also have tie-ups with various insurance agents to sell out the insurance.
CEO and co-founder of Pie Insurance John Swigart, who also express his view on the latest funding, said, “We are riding that wave.” And the company believes that small businesses deserve better insurance companions than they have ever got, and Pie insurance is making it possible for them. He said, with the help of technology, better experience, more efficient process and fundamentally, that lower price can be delivered to them.”
This clearly shows how they are using this emerging technology for the betterment of small firms that deserve to be insured. As per pie insurance 118m series allianzazevedotechcrunch
The start-up has benefited from the rising digital technologies they have adopted. John Swigart, the CEO, said, “Now more than ever, small businesses deserve to be supported, not hindered, by their insurance company.
Pie leads the charge in building a more affordable and modern insurance experience. Today’s funding enables us to expand our operations and invest in technologies and tools that immediately impact customers and partners”.
With its Internet-driven,cloud-based technologies, Pie Insurance has been providing commendable insurance services since 2018 and offering Small scale businesses more affordable and secure insurance quotes. In the first quarter of 2020, the company raised Millions in premiums, approximately 150% more than the same tenure last year, i.e.,$ 7.5 Million.
Being in an immersive condition, its headcount rose from 140 to 260 within this one year. With this latest investment, the company plans to make more investments in the field of automation and technology while also focusing on growing the insurance benefits of its client’s businesses and “laying the groundwork for more business offerings. “.
Apart from this recent $118 Million funding, the company had over $127 Million financing last year in a series B round, making ad revenue rise by almost 150% in a short period leading to the formation of Pie Carrier Holding for the creation, and purchasing of licensed insurance companies.
Some investors, such as Acrew Capital and AllianzX, have shared their views. Lauren Kolodny, the founding partner at Acrew Capital, said that Working capital insurance is the only compulsory insurance for almost every company in the U.S.
She also wrote a mail on the troubling process of issuing and managing workers comp insurance for small businesses which haven’t been prioritized by large carriers yet and how Pie insurance has worked in the direction of making it smooth and transforming the insurance industry and commercial property in a revolutionary way. According to pie insurance 118m series allianzazevedotechcrunch
She also praised the company for its “almost instantly” digital and trustworthy process of providing an insurance quote. She also said, “I have seen very few insurtech teams that come close,” and it has become one of the fastest-growing insurance all over the world in less than four years only. Dr. Nazim Cetin, CEO of Allianz X that according to his company, Pie Insurance is working in an “attractive and growing market that is ripe for digital disruption.” In the opinion of Nazim Cetin, the company has some excellent propriety data and advanced analytics for tailored automation. And they also have some fantastic deals with Allianz and B2B portfolio companies.
With this $118 Million investment, Pie Insurance will perform great in providing excellent workers’ insurance to small insurance companies all over the U.S. and lay the groundwork for new business offerings.
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