Corgi announced a $106 million Series B1 raise, valuing the insurance tech company at $2.6 billion—double its worth from just three weeks ago. The company provides specialized coverage for startups in tech, cyber, and general liability, serving clients like Deel and Artisan. This rapid valuation increase draws attention in the current venture environment.

The back-to-back funding rounds with identical investors raise questions about market practices. LPs express growing distrust of internal markups that make portfolio performance appear stronger than the business justifies. Kindred Ventures' Kanyi Maqubela attributes the jump to revenue growth, though LPs prefer actual exits over paper valuation increases.

Founded in 2024 by Emily Yuan and Nico Laqua, Corgi targets AI-related liabilities that legacy insurers often exclude or handle ambiguously. The $378 million total funding will expand coverage categories, scale their AI underwriting platform, and grow embedded distribution partnerships. Insurance remains capital-intensive, especially for AI-native solutions addressing emerging risks.