By Angela Childers
Pie Insurance Holdings Inc. has secured $127 million in new financing to continue to expand its small business workers compensation line, the three-year-old insurtech firm announced in a statement Thursday.
Pie has received a $100 million equity capital commitment for the creation of its affiliated company, Pie Carrier Holdings, and to purchase licensed insurers to enable it to issue a portion of its own policies, as well as $27 million in financing to support continued growth and expansion of the insurtech’s current workers compensation products.
Gallatin Point Capital LLC was the lead investor in this new financing commitment. Other investors included Greycroft LLC, SVB Capital (the venture arm of SVB Financial Group), Aspect Ventures LP, Elefund Management Co. LLC and Sirius International Insurance Group Ltd.
Pie, with headquarters in Washington and Denver, currently offers workers compensation to small businesses in 34 states and the District of Columbia.