AI-Insurance Startup Corgi Doubles to a $2.6B Valuation in $106M Round — Just Three Weeks After Its Last One

Corgi, a full-stack, AI-native commercial insurance startup, said on May 28 that it has raised a $106 million Series B1 at a $2.6 billion valuation. The eye-catching detail is the timing: that price is double the $1.3 billion valuation Corgi commanded in a $160 million Series B that closed barely three weeks earlier, on May 6. With this round, the two-year-old company has now raised $378 million in total.

The new round was led by TCV, with participation from Prime Capital, Kindred Ventures, Y Combinator and a long roster of existing backers — a largely overlapping investor base that re-marked the company upward within the same month. Corgi was founded in 2024 by Emily Yuan and Nico Laqua, and counts companies such as Deel and Artisan among its customers.

What Corgi sells is insurance built for the AI era. Its platform underwrites business coverage across tech, cyber and general liability, explicitly targeting AI-related exposures — financial loss, misinformation, operational failures and compliance issues — that legacy policies frequently carve out. The company pitches itself as an “AI-native” carrier, using machine learning across underwriting and embedded distribution rather than bolting AI onto an incumbent stack. The fresh capital will fund new commercial insurance lines, more underwriting infrastructure and additional distribution partnerships.

Co-founder Nico Laqua framed the rapid-fire fundraising as a function of the business itself: insurance is “highly capital-intensive,” he noted, with demand accelerating across new product lines and partnerships at the same time the company is building an AI-native platform from scratch. In other words, writing more policies requires more capital on the balance sheet — so growth and fundraising move in lockstep.

The doubling in three weeks is also a vivid marker of how frothy AI-adjacent fundraising has become. Kindred Ventures’ Kanyi Maqubela, an investor in the company, pointed to momentum and revenue growth to justify the leap, while acknowledging that limited partners are increasingly scrutinizing paper markups that arrive without any liquidity event. For now, the appetite is clear: investors are racing to back the companies turning AI loose on large, regulated, capital-heavy verticals — and insurance has become one of the most contested.