Pie Insurance said March 5 that it raised $45 million in a series B funding round.

Pie, of Washington D.C., provides workers’ compensation insurance directly to small businesses.

To date, Pie has raised $61 million to fund its innovative approach toward workers’ compensation insurance for small businesses.

According to Pie’s proprietary analysis, 80% of small businesses are overpaying for workers’ compensation coverage, often by as much as 30%. “In addition to their strong growth, Pie is producing outstanding underwriting results,” said Ian Sigalow, Co-Founder and Partner at Greycroft, whose Growth Fund participated in this financing.

“We’re grateful to work with such supportive investors to take Pie to the next level and fundamentally change the way small businesses get workers’ compensation insurance.”

Pie Insurance provides workers’ compensation insurance directly to small businesses at www.pieinsurance.com.

Pie operates as a managing general agency for Sirius America Insurance Company, a subsidiary of Sirius Group, offering A.M. Best A rated workers’ compensation insurance.