Pie Insurance has pulled in $118 million in new funding, with the workers compensation provider attracting financing from Allianz and others.

Executives at the Denver-based InsurTech will use the substantial cash infusion for further investments in technology and automation. The money will also help grow the company’s core workers compensation business and lay the groundwork for new business offerings in the coming months.

“Pie is leading the charge in building a more affordable and modern insurance experience, and today’s funding enables us to expand our operations and invest in technology and tools that will have an immediate impact on our customers and partners,” Pie Insurance Co-Founder and CEO John Swigart said in prepared remarks.

Investors Allianz X (the digital investment unit of the Allianz Group) and Acrew Capital led the Series C round, while existing investors Greycroft, SVB Capital, SiriusPoint, Elefund and Moxley Holdings also participated.

Nazim Cetin, CEO of Allianz X, said in prepared remarks that he sees “plenty of opportunities for cooperation” with Pie in areas including the joint development and sale of insurance products.

Pie launched in 2017 to provide workers compensation insurance to small businesses directly through its website and through independent agents. Pie operates as a managing general agency for Sirius America Insurance Company, a subsidiary of Sirius Group.

The company’s last financing came through a $127 million Series B extension in May 2020, which included a $100 million equity capital commitment designed to help it form and purchase licensed insurance companies.

Overall, Pie has raised more than $300 million since its debut. The company also said its gross written premium has grown above $100 million and it has partnered with more than 1,000 insurance agencies nationally so far.

Source: Pie Insurance