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.
The fundraise more than doubled Pie’s total capital raised to over $615 million.
“This round of financing is monumental in more ways than one,” John Swigart, co-founder and CEO of Pie, said in a 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.”
Pie is a tech-enabled provider of workers’ compensation insurance to small businesses.