We study the properties of a single impurity in a dilute Bose gas, a Bose polaron, using the functional renormalization group. We use an ansatz for the effective action motivated by a derivative expansion, and we compute the energies of the attractive and repulsive branches of excitations in both two and three spatial dimensions. Three-body correlations play an important role in the attractive branch, and we account for those by including three-body couplings between two bath bosons and the impurity. Our calculations compare very favorably with state-of-the-art experimental measurements and numerical simulations.