Pie Insurance, the #1 startup on Technical.ly DC’s 2020 RealLIST Startups, has raised $127 million in new funding.

Founded in 2017, the downtown D.C.-based insurance tech startup provides workers’ compensation insurance to small and medium-sized businesses via its website. This latest round of funding was led by Gallatin Point Capital with participation from existing investors including Greycroft, SVB Capital, Aspect Ventures, Elefund and Sirius International Insurance Group.

Per a press release, Pie plans to put $27 million of the fresh funding toward its own growth and expansion, while $100 million will go toward launching a new affiliate company, Pie Carrier Holdings, to create and purchase licensed insurance companies. Through its new venture, Pie will also issue a portion of its own insurance policies.

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