Funding round
Pie Insurance Series C
Pie Insurance, which works in small business insurance solutions in Draper, raised $118M in a Series C round announced on 25 Mar 2021, led by Allianz X and Acrew Capital. 7 firms took part. It is Pie Insurance's third venture round on record; the one before was a Series B in Mar 2019.
$118M
Amount raised
Not disclosed
Post-money valuation
7
Investors
2 leads
Valuation
What this round says about the price
Pie Insurance did not disclose a valuation in this round. It came 24 months after Pie Insurance's Series B. It is 24% of the $489M Pie Insurance has raised in the venture rounds on record. Pie Insurance raised again 18 months later: a Series D round of $315M in Sep 2022.
Pie Insurance's funding rounds
Pie Insurance has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Allianz X and Acrew Capital led the round with 5 other firms.
Lead investors
- Allianz X backs 23 venture-backed companies new investor
- backs 97 venture-backed companies new investor
Also in the round
- Greycroft backs 236 venture-backed companies new investor
- SVB Capital new investor
- SiriusPoint new investor
- backs 21 venture-backed companies new investor
- Moxley Holdings new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
21 Series C rounds in Insurance - Agents, Carriers & Brokers within a year either side disclosed an amount; the median was $84M, and this round was 1.4 times the median. The closest in time, other companies' Series C rounds in Insurance - Agents, Carriers & Brokers:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Insurance - Agents, Carriers & Brokers | 10 Mar 2021 | $150M | $1.10B | DST Global |
| Insurance - Agents, Carriers & Brokers | 10 Mar 2021 | $100M | $750M | Insight Partners |
| Insurance - Agents, Carriers & Brokers | 26 Jan 2021 | $125M | $1.00B | Drive Capital |
| Insurance - Agents, Carriers & Brokers | 12 Jan 2021 | $84M | not disclosed | Tencent |
| Kin Insurance Insurance - Agents, Carriers & Brokers | 10 May 2021 | $64M | not disclosed | Senator Investment Group and Hudson Structured Capital Management |
| wefox Insurance - Agents, Carriers & Brokers | 1 Jun 2021 | $650M | $3.00B | Target Global |
| Insurance - Agents, Carriers & Brokers | 9 Jun 2021 | $100M | not disclosed | FTV Management Company |
| Insurance - Agents, Carriers & Brokers | 8 Dec 2020 | $34M | not disclosed | Qumra Capital |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Pie Insurance raise in its Series C round?
Pie Insurance raised $118M in its Series C round, announced in Mar 2021.
Who led Pie Insurance's Series C round?
Allianz X and Acrew Capital led it, with Greycroft, SVB Capital, SiriusPoint, Elefund and Moxley Holdings.
What was Pie Insurance's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Insurance - Agents, Carriers & Brokers?
21 Series C rounds in Insurance - Agents, Carriers & Brokers within a year either side disclosed an amount; the median was $84M, and this round was 1.4 times the median.
Did Pie Insurance raise again after this round?
Yes: a Series D round in Sep 2022 of $315M.