Pie Insurance, an InsurTech specializing in workers compensation insurance for small businesses, said it raised a $315 million Series D round of funding — the largest round of financing for any U.S.-based P/C InsurTech company in 2022.

The fundraise more than doubled Pie’s total capital raised to over $615 million. The round was led by Centerbridge Partners and Allianz X, the digital investments arm of Allianz Group. White Mountains Insurance Group also joined as a new investor, and previous investors Gallatin Point Capital, Greycroft, Acrew Capital and others also participated in the round.

“It’s no secret that growth-stage startups, and specifically InsurTechs, are facing a challenging fundraising environment, said John Swigart, co-founder and CEO of Pie. “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.”

Pie recently announced it more than doubled its gross written premium and doubled its number of policyholders and partners. In addition, Pie expanded its coverage area into two new states, increasing its total workers comp coverage footprint to 89 percent of small businesses in the U.S., the company said.

“Pie is disrupting the highly fragmented small business commercial insurance market through our proprietary technology, which more accurately prices and underwrites insurance risks,” Swigart added. “We believe the InsurTech 2.0 phase of this industry-wide transformation will be built by companies like Pie that leverage their technology to ‘do the insurance better’ and deliver superior traditional insurance metrics along with a delightful customer experience.”

Pie said it will use the funds to support its growth initiatives that directly impact its small business customers, including expanding into new lines of business, fully transitioning to a full-stack carrier, further innovating upon its advanced proprietary pricing algorithms, and delivering world-class user and product experiences directly to small businesses and the partner agents who serve them.