Analysts at Research and Markets predict that the global insurance market will reach $1.11 billion by 2023, and a niche D.C. startup wants its piece of the pie.

Pie Insurance, a provider of workers’ compensation insurance for small businesses, has closed a $45 million Series B round less than a year after its first sale.

Pie has raised $61 million in capital since its founding in 2017, including an $11 million Series A round in July last year.

The new funding reflects a trend of fewer, more valuable venture capital deals in the region.

Pie claims it has generated nearly $10 million so far in written premiums from thousands of small businesses, and it operates in 19 states.

“In addition to their strong growth, Pie has produced outstanding underwriting results,” Greycroft partner Ian Sigalow said in a statement.

“The company is positioned to make a huge impact on the small business market for commercial insurance.”