Insurance Tech Startup Corgi Reportedly Raises Another Round to Double Valuation

Corgi, an insurance tech startup, is reportedly raising yet another round of funding that closely follows its previous raise, potentially doubling its valuation. The round is said to be a second extension of its Series B round and has already closed. After announcing a $106 million B1 round at a $2.6 billion valuation in May, just eight weeks ago, sources have informed Forbes about the potential B2 round.

Although the exact amount raised in the B2 round was not disclosed, Forbes reported that Corgi's revenue trajectory is expected to increase the run rate to $450 million by the end of the year, up from $40 million in annualized revenue run rate when it announced its Series A seven months ago. The startup offers AI-powered insurance that provides fast quotes and expedites payments on claims. It also offers various types of liability insurance, including general liability, tech-related incident coverage, employment liability, business renters' and auto insurance.

Additionally, Corgi has ventured into providing data room software and operates two 24-hour coffee shops, with plans to launch five more soon. The startup's expansion and revenue growth may justify the valuation leap, with backing from investors such as TCV and Kindred Ventures. However, concerns about Corgi's demanding corporate culture have surfaced, particularly after founder-CEO Nico Laqua expressed expectations for employees to work seven days a week.