Everybody likes pie, and apparently that means investors too.

Denver-based Pie Insurance locked up a $315 million Series D on Wednesday, led by Centerbridge Partners and Allianz X 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—behind only Berlin-based wefox’s $400 million raise in July—according to Crunchbase.

“This round of financing is monumental in more ways than one,” said co-founder and CEO John Swigart in a release. “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.”

The new cash comes after significant growth for Pie. In the spring, the company announced 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—increasing its coverage footprint to 89% of small businesses in the U.S.

Insurtech funding

Pie’s 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 numbers, 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’s round also included investment from White Mountains Insurance Group and previous investors Gallatin Point Capital, Greycroft, Acrew Capital and others.

Illustration: Dom Guzman