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Pie Raises $315 Million in Round Led by Centerbridge, Allianz

Pie Insurance Services Inc. raised $315 million in equity funding from backers led by Centerbridge Partners LP and Allianz SE’s venture-capital arm, even as many early stage investors pull back from financial-technology startups.

Pie, which has executive offices in Denver and Washington, focuses on selling insurance to small businesses, and partners with SiriusPoint to issue its policies. The capital generated in the series D funding round will help the company bring policy issuance fully in-house, Pie said in a statement Monday.