Insurance tech startup 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 for startups in areas like tech, cyber, and general liability, and counts Deel and Artisan among its customers.
Even in the current active dealmaking environment, that sequencing is unusual. While back-to-back rounds at steep step-ups have become increasingly common, a valuation doubling in three weeks raises questions — particularly given that 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 and said revenue growth rationalized the new round. “LPs really like exits above all,” Maqubela said. “They discount the value of markups since those aren’t always reflective of reality.”
The practice is starting to attract broader 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. “If a company is just getting re-priced upward with no real liquidity event, LPs notice.”
The specific concern is that a fund investing at one valuation, then marking it up three weeks later, can make portfolio performance look stronger on paper than the underlying business may justify.
Corgi’s other investors include Prime Capital, Leblon Capital, Alumni Ventures, and Y Combinator.
Founded in 2024 by Emily Yuan and Nico Laqua, Corgi says it is building coverage for what it describes as “newer categories” of risk, 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.”
On the rapid fundraising pace, Laqua said insurance is a “highly capital-intensive industry” and that “demand has accelerated quickly across new product lines and partnerships.” He added that building an AI-native underwriting 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. The company is not alone in the insurtech space targeting startups — Vouch, also backed by Y Combinator, operates in a similar market.
Source: Corgi’s valuation doubled to $2.6B in three weeks, and LPs are paying attention