Insurance tech Corgi on Thursday announced a $106 million Series B1 raise, valuing the company at $2.6 billion, just three weeks after announcing a $160 million Series B at a $1.3 billion valuation and four months after its $108 million Series A. The company offers insurance, working specifically with startups in areas like tech, cyber, and general liability; it counts Deel and Artisan among its customers.
Even in the current go-go dealmaking environment, that sequencing is remarkable. While startups raising back-to-back rounds at steep step-ups have become almost routine, a company whose valuation doubles in three weeks is unusual enough to raise questions, particularly given the investor set in both rounds is the same.
Asked what material event justified that kind of jump in such a short window, investor Kanyi Maqubela of Kindred Ventures cited the company’s momentum. It’s an explanation may satisfy some, but the practice more generally is starting to attract scrutiny in LP circles. “There’s growing distrust of internal markups,” said one LP who backs numerous venture funds and asked not to be named. Said this person of exit mechanisms specifically, “[I]f a company [is] just getting re-priced upward with no real liquidity event, LPs notice.”
The specific concern is that a fund that invests at one valuation, then marks it up three weeks later can make portfolio performance look stronger on paper than the underlying business may justify.
In this case, Maqubela suggested, that’s not an issue for Kindred’s limited partners, nor for Corgi’s other investors, which include Prime Capital, Leblon Capital, Alumni Ventures, and Y Combinator.
“LPs really like exits above all,” Maqubela said in a message to TechCrunch. “They discount the value of markups since those aren’t always reflective of reality.” He added that in this case, revenue growth rationalized the new round.
Founded in 2024 by Emily Yuan and Nico Laqua, Corgi says it’s building coverage for what it calls “newer categories” of risk while also addressing an often underserved market among legacy insurance carriers — startups and the unique liability problems they face, including those related to AI.
“Corgi covers anything from when an AI system causes financial loss, misinformation, operational failures, or compliance issues,” Laqua told TechCrunch. “Many legacy policies either exclude these risks or handle them ambiguously.
Corgi is not alone in the insurtech market; Vouch, which is backed by Y Combinator, operates in a similar space.
When asked about the back-to-back rounds, Laqua said that insurance is a “highly capital-intensive industry,” and that “demand has accelerated quickly across new product lines and partnerships.” Building an AI-native platform compounds those costs further.
“We’re best known for our business insurance products, but the additional capital will be used to expand into new insurance categories, scale the AI underwriting platform, grow embedded distribution partnerships, and continue growing our team,” Laqua said.
Corgi has now raised $378 million in total funding from its investors.
Correction: The title of this headline originally misstated the valuation due to an editing error.