Corgi announces $106M raise at $2.6B valuation

Corgi announced a $106 million Series B1 funding round on Thursday. The round values the company at $2.6 billion. The announcement comes three weeks after a $160 million Series B at a $1.3 billion valuation and four months after a $108 million Series A. The insurance technology company works with startups on products covering technology, cyber, and general liability. Customers include Deel and Artisan. The recent rounds shared the same investor group. Kanyi Maqubela of Kindred Ventures pointed to the company's momentum to explain the valuation increase. An unnamed limited partner who backs multiple venture funds expressed distrust of internal markups without accompanying liquidity events. Other investors participating in the rounds are Prime Capital, Leblon Capital, Alumni Ventures, and Y Combinator. Maqubela said limited partners prioritize exits above all and discount the value of markups. He added that revenue growth justified the new round. Corgi was founded in 2024 by Emily Yuan and Nico Laqua. It focuses on newer categories of risk for startups, including those related to artificial intelligence. Laqua said the platform covers financial loss, misinformation, operational failures, or compliance issues caused by AI systems. Laqua said legacy policies often exclude these risks or handle them ambiguously. The insurance sector is highly capital intensive with demand accelerating across new product lines and partnerships. The additional capital will expand into new insurance categories, scale the AI underwriting platform, grow embedded distribution partnerships, and grow the team. Corgi has now raised a total of $378 million.