Pie Insurance Holdings Inc. has raised $118 million in Series C funding with investments from Allianz X, the investment arm of Allianz SE, and Acrew Capital Management Co. LLC leading the round, the insurtech firm announced Thursday.

Denver-based Pie, which specializes in workers comp insurance for small businesses, also received investments from Greycroft Partners LLC, SVP Capital, SiriusPoint Ltd., Elefund Management Co. LLC and Moxley Holdings LLC.