Corgi doubles valuation to $2.6B with $106M Series B1, weeks after April Series B
What's the deal? Corgi, a two-year-old AI insurance startup led by 26-year-old CEO Nico Laqua, has raised $106M at a $2.6B valuation — doubling its worth just weeks after a $160M Series B in late April valued it at $1.3B. The new round, which Corgi calls a Series B1, was led by growth equity firm TCV with participation from Kindred VenturesDealroom has a profile for this one. Try Dealroom → and Prime CapitalDealroom has a profile for this one. Try Dealroom →. Only existing investors were invited.
Laqua told Forbes the round was unsolicited. "We weren't planning on doing it," he said. Existing backers reached out seeking to invest more. "I think the company is clearly worth a lot more than it was even a couple weeks ago."
Why now? The rapid follow-on reflects the broader frenzy to fund AI companies. OpenAI and Anthropic have raised rounds of $122B and reportedly $30B at valuations of $852B and $900B, respectively. Young founders are raising triple-digit millions without breaking a sweat.
Laqua compares the current moment to the Web 2.0 era of Google and Facebook, then the mobile era of Uber and Airbnb. "This moment to me feels even bigger than either of those in terms of the potential," he says.
What could go wrong? Corgi is just two years old, and its valuation has doubled in weeks — a pace that raises questions about sustainability. The company operates in a heavily regulated industry where AI-generated insurance quotes and AI-managed claims still face scrutiny. Rapid fundraising can also bring pressure to grow into lofty valuations before the business fundamentals catch up.
The signal: TCV's decision to lead the follow-on round is notable — the growth equity firm, known for later-stage bets on companies like Netflix, Spotify, and Revolut, rarely backs startups this young, suggesting it sees Corgi's AI-driven underwriting model as already approaching the kind of scalable infrastructure play it typically favours. The broader pattern is clear: in an environment where OpenAI and Anthropic command near-trillion-dollar valuations, investors are racing to lock in positions in vertical AI companies before pricing moves further out of reach.
Read more: forbes.com
