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Pie Insurance Holdings Inc. has raised $118 million in Series C funding with investments from Allianz X, the investment arm of Allianz SE, and Acrew Capital Management Co. LLC leading the round, the insurtech firm announced Thursday.
Denver-based Pie, which specializes in workers comp insurance for small businesses, also received investments from Greycroft Partners LLC, SVP Capital, SiriusPoint Ltd., Elefund Management Co. LLC and Moxley Holdings LLC.
The investment will enable Pie to further invest in technology and automation, the insurtech firm said in a statement.
This funding round follows Pie’s $127 million Series B extension in May 2020 when it formed Pie Carrier Holdings.
Pie has raised more than $300 million in funding since it was founded in 2017.
Insurtech investments this year have been robust despite the COVID-19’s economic fallout and could approach 2019’s record-breaking year, says a report issued Monday.