Pie Insurance said Thursday that it raised $118 million in new funding. It’ll help the Downtown D.C. insurtech company continue growth that has led to the addition of more than 120 new team members in the last year.

The Series C round was led by Allianz X, the investment firm of Germany-based financial services giant Allianz, and VC firm Acrew Capital. It also included participation from existing investors in the company, including Greycroft, SVB Capital, SiriusPoint, Elefund and Moxley Holdings.

In a statement, Allianz X CEO Dr. Nazim Cetin said the company is “fundamentally transforming the commercial property and casualty insurance market in the U.S.” Plus, Allianz sees “plenty of opportunities for cooperation with Pie,” potentially in jointly developing insurance solutions itself, or working with its B2B portfolio companies.

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