Insurtech Funding News: $118M for Pie; $30M for Snapsheet

There have been two notable funding rounds by insurtechs this week.

Workers’ compensation provider Pie Insurance has raised $118 million in new funding, including financing from Allianz and others.

Snapsheet, a claims management platform insurtech, raised $30 million in new financing. The Ping An Global Voyager Fund and Pivot Investment Partners led the financing.

Pie said it will use the funds for further investments in technology and automation. The company also plans to grow the company’s core workers’ compensation business and begin to offer new products in the coming months.

Pie launched in 2017 to provide workers’ compensation insurance to small businesses directly through its website and through independent agents. Pie operates as a managing general agency for Sirius America Insurance Co.

2017 Profile: Insurtech Pie Insurance Eyes Slice of Workers’ Comp Market with Pricing Tool

The company’s last financing came through a $127 million Series B extension in May 2020, which included a $100 million equity capital commitment designed to help it form and purchase licensed insurance companies.

Overall, Pie has raised more than $300 million since its debut.

The company said its gross written premium has grown above $100 million and it has partnered with more than 1,000 insurance agencies nationally so far.

Investors Allianz X (the digital investment unit of the Allianz Group) and Acrew Capital led the Series C round, while existing investors Greycroft, SVB Capital, SiriusPoint, Elefund and Moxley Holdings also participated.

Nazim Cetin, CEO of Allianz X, said in prepared remarks that he sees “plenty of opportunities for cooperation” with Pie in areas including the joint development and sale of insurance products.

Snapsheet

Snapsheet said it will use its $30 million to further build out its cloud-based system and meet customer demand that it said has surged in the wake of COVID-19. The company is expanding beyond auto claims into all lines of property/casualty insurance and plans to expand globally

“As carriers and their customers are forced to work and engage virtually, we have seen demand for our technology skyrocket in the wake of COVID-19, and it’s here to stay,” Snapsheet founder and CEO Brad Weisberg said. “By digitizing the entire claims process from start to finish, we’re able to automate any task, and empower insurers to provide exponentially better customer experiences at the most critical point in their customer lifecycle.”

Insurtech Profile: Snapsheet’s Evolution in Making Virtual Claims Service a Reality

This is the second part of a Series E round; the first raised $29 million. Ping An Global Voyager Fund and Pivot Investment Partners join other Snapsheet investors including Nationwide, Liberty Mutual, Intact Ventures, Tola Capital, Commerce Ventures and others.

Global Voyager’s Chief Investment Officer, Donald Lacey, will join Snapsheet’s board of directors.

The venture capital infusion will also support more engineering and sales hires.

Snapsheet’s software as a service (SaaS) platform uses information from various customer channels, including e-mail, text, or a web and mobile app to process claims quickly. The Snapsheet technology also lets carriers directly deposit payments into customers’ bank accounts.

Snapsheet claims to have processed millions of claims and more than $7 billion in appraisals for more than 100 clients, including many of the largest insurance carriers, third-party administrators, and insurance and sharing economy disruptors in North America.

Topics Mergers & Acquisitions InsurTech Tech