Corgi, an AI-driven InsurTech based in San Francisco, has secured fresh capital at a $4bn valuation, marking its third fundraise in under three months.
The latest deal, reported by Forbes citing multiple sources, nearly doubles the valuation the business commanded in late May. The round, described as a further extension of the company’s Series B, has now closed, though the identity of the participating investors and the size of the raise remain undisclosed.
The pace of Corgi’s capital raising stands out even against the backdrop of an overheated AI market. At the start of May, the firm unveiled a $160m Series B backed by investors including TCV and Kindred Ventures, which pushed it into unicorn territory at a $1.3bn valuation. Only three weeks later, it added a $106m extension from the same backers, lifting its worth to $2.6bn. That B1 round was led by TCV, with participation from Prime Capital, Zone 2 Ventures, Oliver Jung, Leblon Capital, Kindred Ventures, Quadri Ventures, First Order Fund, Vocal Ventures, Nordstar, GSBackers, Repeat Ventures, 8188 Capital and other strategic investors.
The company anticipates a tenfold jump in its revenue run rate by the end of the year, climbing from $45m to $450m.
Corgi describes itself as building the first AI financial infrastructure company. Operating a full-stack insurance platform, the firm offers underwriting, claims management and embedded insurance products aimed at delivering commercial cover that is quicker, more adaptable and more operationally efficient.
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