AI insurance startup Corgi has raised $106 million in a Series B1 round that doubled its valuation to $2.6 billion just weeks after it became a unicorn. The round, led by TCV with participation from existing backers including Kindred Ventures and Prime Capital, followed a $160 million Series B in late April that valued the two-year-old company at $1.3 billion. CEO Nico Laqua told Forbes the new capital was not solicited by the company, but came after existing investors asked to increase their stakes.
Founded by Laqua and Emily Yuan, Corgi uses machine learning to automate parts of the commercial insurance process, including workflow analysis, quote generation, and claims handling. The company serves customers such as Deel and also enables software companies to embed insurance products directly into their own platforms. Laqua told Forbes the company needs “a lot of financial strength as a financial institution,” adding that Corgi is “clearly worth a lot more than it was even a couple weeks ago.”
The rapid funding cadence has drawn attention to Corgi’s unusually intense operating culture. Forbes reported that the company runs on a seven-day, in-person work schedule, with office mattresses, a 24-hour public coffee house, and a company-owned dog coordinated through a Telegram assistant. Some investors have questioned the demands of that pace, but Corgi’s backers have also pointed to the environment as part of the startup’s early-stage intensity. Kindred Ventures partner Kanyi Maqubela told Forbes the setup gave him “the OG vibes” of a company scaling from a garage.
