Pie Insurance, a Washington, D.C.-based startup offering workers’ compensation insurance to small businesses, announced this morning that it has closed on a $127 million in new financing.

The new financing includes $27 million “To support the continued growth and expansion” of Pie Insurance’s automated offering to small business owners.

Pie sells its insurance directly through its website and also through thousands of independent insurance agents.

As mentioned above, part of the goal with its new capital is to form a new affiliated company, Pie Carrier Holdings – which will be majority owned by Gallatin Point Capital – to create and purchase licensed insurance companies.

Pie Carrier Holdings will own the licensed insurance companies that Pie will use to issue a portion of its insurance policies.

Sirius Group is also investing directly in Pie Carrier Holdings and will continue to issue insurance policies offered by Pie.

Greycroft co-founder and partner Ian Sigalow told me via email that his firm was impressed by how Pie Insurance has “Managed to continue growing premium in excess of 100 percent annually, in spite of a difficult market environment.”