Pie Insurance, an insurtech specializing in workers’ compensation insurance for small businesses, has announced the completion of a $118 million Series C funding round.

The round was led by investors Allianz X and Acrew Capital. Existing investors Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings also participated.

“Commercial insurance is long overdue for the online transformation that personal lines have benefited from for years,” said John Swigart, co-founder and CEO of Pie Insurance.

“Now more than ever, small businesses deserve to be supported, not hindered, by their insurance company. Pie is leading the charge in building a more affordable and modern insurance experience, and today’s funding enables us to expand our operations and invest in technology and tools that will have an immediate impact on our customers and partners.”

“Pie is fundamentally transforming the commercial property and casualty insurance market in the US,” said Dr. Nazim Cetin, CEO of Allianz X. “Using pioneering technology, Pie has revolutionized the customer experience, ensuring that a previously lengthy process has become more efficient for everyone involved. The company has enormous growth potential far beyond its current core business. For Allianz, there are plenty of opportunities for cooperation with Pie – for example, in the joint development and sale of insurance solutions. We also see collaboration potential with some of our other B2B portfolio companies.”

The funding round follows Pie’s $127 million Series B round in May 2020, in which it formed Pie Carrier Holdings with a $100 million equity capital commitment to create and purchase licensed insurance companies.

Since its founding in 2017, Pie has raised more than $300 million in funding.