Insurtech company Corgi announced the completion of a $106 million Series B1 funding round, bringing its latest valuation to $2.6 billion. Just three weeks ago, the company disclosed a $160 million Series B funding round, at which time its valuation was $1.3 billion, and four months prior, it completed a $108 million Series A funding round.

Valuation doubled within three weeks

In today's venture capital market, it's not uncommon for startups to raise funds consecutively, but it's still rare for their valuation to double within three weeks. What's even more noteworthy is that the investors in both funding rounds were essentially the same, including Kindred Ventures, Prime Capital, Leblon Capital, Alumni Ventures, and Y Combinator.

TechCrunch reports that this rapid repricing is drawing attention from some LPs. If a fund invests at a lower valuation and then re-prices at a higher valuation weeks later, its book value will be quickly inflated, but this may not reflect a genuine exit or liquidity event.

Investors say growth supports valuation

Kindred Ventures partner Kanyi Macqubela responded that the core reason driving the valuation increase was the company's business growth. He stated that LPs value actual exits more than book valuation increases, as the latter may not always reflect the true value.

Corgi co-founder Laqua, who launched the N token, also stated that the insurance industry itself is capital-intensive, while the company's needs for new product lines and partnerships are growing rapidly. Building an AI-native platform has further increased funding requirements.

New funds will be invested in AI underwriting.

Founded in 2024, the company primarily provides insurance services to startups, covering technology, cybersecurity, and general liability insurance. Its clients include Deel and Artisan. The company stated that the new funding will be used to expand its insurance product categories, enhance its AI underwriting platform, advance embedded distribution partnerships, and continue recruiting.

Corgi states that its products cover situations such as financial losses, misinformation, operational failures, and compliance issues caused by AI systems, risks that many traditional insurance policies either exclude or poorly describe. According to the company's disclosures, Corgi has raised a total of $378 million in funding to date.