Workers’ compensation provider Pie Insurance announced the closing of $127 million in new financing and capital commitments.
The company said the new financing includes $27 million to support the continued expansion of Pie Insurance’s offering to small business owners.
Pie plans to form an affiliated company, Pie Carrier Holdings-in which Gallatin Point Capital is the lead investor-to create and purchase licensed insurance companies.
Pie Carrier Holdings will own the licensed insurance companies that Pie will use to issue a portion of its insurance policies.
The company said Sirius Group is also investing directly in Pie Carrier Holdings and will continue to issue insurance policies offered by Pie.
A year ago, Pie completed a $45 million Series B funding round.
Pie says its written premium grew to nearly $19 million in the first quarter of 2020.