Washington, D.C. based workers’ comp insurance for SMEs raised $127m in a Series B extension led by Gallatin Point Capital.
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Pie Insurance Secures $127m To Provide Workers’ Comp To Small Businesses
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The company began selling its insurance policies in March 2018. In the first quarter of 2020, it wrote nearly $19 million in premiums, up 150 percent from just under $7.5 million during the same period in 2019, according to co-founder and CEO John Swigart. Pie had a “meaningful amount of money” on its balance sheet at the time of the raise, according to Swigart. But it added on to make sure it had enough runway into 2022 and “get on the other side of COVID,” he said. “We wanted to be able to confidently continue to build out the business, add to the team, and do the strategic things that are important to us without having to worry about fundraising in an uncertain COVID world,” Swigart told me.
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