One of the greatest things about a human life is its openness to becoming better on a consistent basis. You see; when someone is able to grow under all the possible situations, they, almost as a ripple effect, go on to hit upon some huge milestones. The same is also evident in whatever we have achieved so far, with one critical piece of representation coming from an idea called technology. The reason why technology enjoys such a significant stature in our lives is predicated upon its unique skill-set, which introduced us to all those possibilities that we could have never imagined in an alternate reality. Beyond that, however, the whole runner was also, at the same time, inspired by how we applied the stated skills in a real-world setting. The latter component, in fact, did a lot to give the creation a spectrum-wide presence, and consequentially, kickstart a tech revolution. Now, this revolution will go on to enhance the human experience from every conceivable direction, but even after achieving so much, it will just continue bringing the right goods to the table. The same has only turned more and more evident over the recent past, and one new funding should take it a step forward.
Pie Insurance, a leading provider of workers’ compensation insurance to small businesses, has successfully raises $315 million in Series D financing. Co-led by Centerbridge Partners and Allianz X — the digital investments arm of Allianz Group, the round saw further participation coming from the likes of White Mountains Insurance Group, Gallatin Point Capital, Greycroft, Acrew Capital, among others. According to certain reports, the company will use the newly-raised cash to expand into new lines of business and transition to become a full-stack carrier. Founded in 2017, the Washington-based Pie Insurance is best known for using data and analytics to offer SMBs a way to get insurance digitally and more affordably. As for the company’s customer base, it spans from traders, contractors, landscapers to janitors, auto shops, and restaurants. Pie Insurance, on its part, taps into these customers through the company’s official website or through its team of independent insurance agents. The stated versatility in regards to distribution had a big role in convincing investors about Pie Insurance’s potential.
“This round of financing is monumental in more ways than one,” said John Swigart, co-founder and CEO of Pie, in a written statement. “It’s no secret that growth-stage startups, and specifically insurtechs, are facing a challenging fundraising environment. However, Pie’s ability to grow rapidly while still focusing on delivering strong unit economics and sustainable loss ratios, is proving to be a key differentiator.”
The raise becomes pretty meritorious once you consider that Pie Insurance, in just first four months of 2022, has increased its annualized run rate premium (ARR) to nearly $300 million. Furthermore, the company also more than doubled its gross written premium in the first quarter of 2022 compared to the same period in 2021.