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D.C. insurance startup raises $45 million ahead of national expansion

District-based Pie Insurance is looking to expand nationally after closing on a $45 million Series B funding round.

The worker’s compensation insurance provider has raised $61 million to date and is now available in 19 states, covering more than 60 percent of the market. The company had closed on a $10 million Series A in June.

Participating investors for the latest round included SVB Capital, Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures and Elefund. Pie plans to also add new distribution sources and complete its national expansion by the end of the year.

“The market today for commercial insurance for small businesses is almost entirely agency-driven,” CEO John Swigart, told me in an interview. “The market is prime and ready … and has been relatively underserved.”

Swigart served as the chief marketing officer and vice president of finance at San Francisco insurance company Esurance Insurance Services Inc.

Only 11 of Pie Insurance’s 50 employees work in the District…

Read the full story from the Washington Business Journal.