糖心视频

Everybody likes pie, and apparently that means investors too.

Denver-based locked up a $315 million Series D on Wednesday, led by and to further grow its workers’ compensation insurance platform for small businesses.

The round more than doubled Pie’s total capital raised to over $615 million since being founded in 2017, according to the company.

The round is the second largest in the insurtech space this year鈥攂ehind only Berlin-based 鈥檚 $400 million raise in July鈥攁ccording to Crunchbase.

“This round of financing is monumental in more ways than one,” said co-founder and CEO in a . “It’s no secret that growth-stage startups, and specifically insurtechs, are facing a challenging fundraising environment. However, Pie’s ability to grow rapidly while still focusing on delivering strong unit economics and sustainable loss ratios, is proving to be a key differentiator.鈥�

The new cash comes after significant growth for Pie. In the spring, the company it more than doubled its gross written premiums, and doubled its number of policyholders and partners. It also expanded its coverage area into two new states鈥攊ncreasing its coverage footprint to 89% of small businesses in the U.S.

Insurtech funding

Pie鈥檚 raise helps boost the funding numbers for VC-backed startups in insurtech, which has not seen the same investment it did a year ago.

According to Crunchbase , startups in the space saw more than $8 billion come to them last year. However, this year has realized less than $3.5 billion roll into the sector.

Deal flow also has tailed off. There were 426 deals announced last year, compared to only 277 this year.

Pie鈥檚 round also included investment from and previous investors , , and others.

Illustration: Dom Guzman