Pie Insurance Secures $11 Million Series A Funding

Small business market provider Pie Insurance completed an $11 million Series A funding round led by Greycroft, and included participation from Aspect Ventures, Sirius Group, Moxley Holdings, and Elefund.

According to the company’s predictive model, eighty percent of small businesses are overpaying for workers’ compensation coverage, often by as much as thirty percent. Founded in 2017, Pie Insurance’s goal has been to disrupt the SMB workers’ compensation market with frictionless, near-instant online direct distribution by building a full stack managing general agent operation and securing the necessary regulatory approvals. Pie now offers a seamless online buying process for SMBs in eight states that utilizes advanced analytics to more accurately identify risk for SMBs, removing steps from the purchase process and generating savings.

The new funds will be used to scale the company’s operations and to expand geographically, as workers’ compensation is a requirement for SMBs in every state except Texas.