Market Overview

Pie Insurance Secures $11 Million Series A Funding to Rapidly Expand SMB Workers' Compensation Insurance Offering

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Greycroft and Aspect Ventures Join Existing Investors to Bolster
Geographic Expansion and Scale Operations

Pie Insurance (www.pieinsurance.com)
today announced the completion of an $11M Series A funding round. The
round was led by Greycroft, and included participation from Aspect
Ventures, as well as existing investors Sirius Group, Moxley Holdings,
and Elefund.

Founded in May 2017, Pie Insurance has disrupted the small business
(SMB) workers' compensation market with frictionless, near-instant
online direct distribution. The company built a full stack managing
general agent (MGA) operation and secured the necessary regulatory
approvals in less than 12 months. Today, Pie offers a seamless online
buying process for SMBs in eight states. The new funds will be used to
scale the company's operations and to expand geographically, as workers'
compensation is a requirement for SMBs in every state except Texas.

"Pie combines two elements that really stand out - a unique set of
underwriting data and an experienced founder who was instrumental in
building an online insurance company that was sold for over a billion
dollars," said Ian Sigalow, Partner and Co-Founder of Greycroft. "They
have already accomplished a lot, which is particularly noteworthy
because they launched the company only a little more than a year ago."

Pie's unique business model and value proposition utilize advanced
analytics to more accurately identify risk for SMBs, removing steps from
the purchase process, and often generating significant savings.
According to its predictive model, 80% of small businesses are
overpaying for coverage, often by as much as 30%.

"SMB owners are unfairly burdened by an outdated business model that
requires too much of their time and effort in order to meet their
insurance needs," said John Swigart, Co-founder and CEO of Pie. "We can
remove these hurdles for a larger number of small businesses with this
investment."

Insurance offered by Pie has earned an A rating from A.M. Best. For more
information, visit www.pieinsurance.com.

About Pie Insurance

Pie Insurance provides workers' compensation insurance directly to small
businesses at www.pieinsurance.com.
Offering A.M. Best A rated insurance, Pie leverages data analytics,
easy-to-use online features, and a seasoned team of insurance experts to
create an insurance model that's as easy as pie. The company began
offering insurance policies in 2018 with a mission of helping small
businesses experience true savings and an unmatched level of service.

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