Layoffs at Pie Insurance

Commercial insurance startup Pie Insurance has laid off 63 employees, about 14% of its staff.

In a blog post, CEO and co-founder John Swigart shared that due to the $315 million Series D round, which was closed in September 2022, the outlook for future capital raises has been pushed out further and cuts needed to be made. He also shared that the company, in consultation with the board, has decided to revise its three-year plan to ensure that it reaches profitability with the cash it has on hand. “We are making this decision to maximize our financial control, maintain our strong financial position, and ensure we reach profitability with the cash we have on hand,” Swigart wrote.