Insurance tech Corgi on Thursday announced a $106 million Series B1 raise, valuing the company at $2.6 billion, just three weeks after announcing a $160 million Series B at a $1.3 billion valuation and four months after its $108 million Series A. The company offers insurance, working specifically with startups in areas like tech, cyber, and general liability; it counts Deel and Artisan among its customers. 

Even in the current go-go dealmaking environment, that sequencing is remarkable. While startups raising back-to-back rounds at steep step-ups have become almost routine, a company whose valuation doubles in three weeks is unusual enough to raise questions, particularly given the investor set in both rounds is the same.

Asked what material event justified that kind of jump in such a short window, investor Kanyi Maqubela of Kindred Ventures cited the company’s momentum. It’s an explanation may satisfy some, but the practice more generally is starting to attract scrutiny in LP circles. “There’s growing distrust of internal markups,” said one LP who backs numerous venture funds and asked not to be named. Said this person of exit mechanisms specifically, “[I]f a company [is] just getting re-priced upward with no real liquidity event, LPs notice.”

The specific concern is that a fund that invests at one valuation, then marks it up three weeks later can make portfolio performance look stronger on paper than the underlying business may justify.

In this case, Maqubela suggested, that’s not an issue for Kindred’s limited partners, nor for Corgi’s other investors, which include Prime Capital, Leblon Capital, Alumni Ventures, and Y Combinator.

“LPs really like exits above all,” Maqubela said in a message to TechCrunch. “They discount the value of markups since those aren’t always reflective of reality.” He added that in this case, revenue growth rationalized the new round.

Founded in 2024 by Emily Yuan and Nico Laqua, Corgi says it’s building coverage for what it calls “newer categories” of risk while also addressing an often underserved market among legacy insurance carriers — startups and the unique liability problems they face, including those related to AI.

“Corgi covers anything from when an AI system causes financial loss, misinformation, operational failures, or compliance issues,” Laqua told TechCrunch. “Many legacy policies either exclude these risks or handle them ambiguously. 

Corgi is not alone in the insurtech market; Vouch, which is backed by Y Combinator, operates in a similar space.

When asked about the back-to-back rounds, Laqua said that insurance is a “highly capital-intensive industry,” and that “demand has accelerated quickly across new product lines and partnerships.” Building an AI-native platform compounds those costs further.  

“We’re best known for our business insurance products, but the additional capital will be used to expand into new insurance categories, scale the AI underwriting platform, grow embedded distribution partnerships, and continue growing our team,” Laqua said.

Corgi has now raised $378 million in total funding from its investors.

Correction: The title of this headline originally misstated the valuation due to an editing error.

Founders, the battlefield is still open, but not for much longer.

After overwhelming demand from founders around the world, TechCrunch has extended the Startup Battlefield 200 application deadline to June 8. If you thought you missed your opportunity to pitch live on the Disrupt Stage in October at San Francisco’s Moscone West, this is your final chance to step into one of tech’s most competitive startup arenas.

Nominate a standout startup or submit your application before the deadline.

What is Startup Battlefield 200?

Startup Battlefield 200 is where ambitious early-stage startups go from unknown to impossible to ignore. Selected founders will take the spotlight at TechCrunch Disrupt 2026, pitching live in front of elite investors, influential media, and the global startup ecosystem. One startup will walk away with $100,000 in equity-free funding, but every company selected gains visibility that can reshape its trajectory.

More than 1,700 startups have participated in Startup Battlefield over the years. Together, they’ve raised more than $32 billion and produced over 250 exits, including acquisitions by companies like Microsoft, Google, Salesforce, Uber, and Amazon.

This is the same competition that helped launch companies like Dropbox, Discord, Mint, Fitbit, and Trello. More than 1,500 startups have competed in Startup Battlefield, and many have gone on to become category-defining businesses.

Why founders are still racing to apply

Competition for Startup Battlefield 200 has intensified as founders look for ways to stand out in a crowded fundraising environment. The extension gives more startups the opportunity to enter, but expectations are higher than ever.

Selected startups receive:

• A free exhibit table for all three days of Disrupt.

• Four complimentary Disrupt passes.

• Branding and visibility inside the Disrupt event app.

• Press exposure and lead-generation opportunities.

• Access to founder-only masterclasses.

• The opportunity to pitch live on the Disrupt Stage.

• Direct feedback from leading venture capitalists.

• A chance to win $100,000 in equity-free funding.

Who should apply

TechCrunch is looking for bold early-stage startups with a working MVP and a vision capable of disrupting an industry. Bootstrapped, pre-seed, and seed-stage startups are encouraged to apply. Select Series A startups in capital-intensive sectors may also qualify.

If you are building something category-changing, this is your chance to prove it on one of the biggest stages in tech.

The clock is still ticking

The deadline extension was driven by overwhelming demand, but the battlefield will not stay open forever. Thousands of startups are competing for a limited number of spots, and every application is reviewed closely by the TechCrunch team.

This is your opportunity to get in front of investors, customers, media, and future partners all in one place. Nominate or apply before June 8 and fight for your place among the next generation of breakout startups.

Join us for StrictlyVC Los Angeles 2026, an intimate evening bringing together leading investors and entrepreneurs for high-signal conversations from the front lines of venture capital and frontier technology. Taking place Thursday, June 18, at The Aerospace Corporation Campus in El Segundo, this edition continues StrictlyVC’s focus on direct access to the ideas and leaders shaping where technology and capital are headed next. Secure your spot here.

For executives, investors, and founders navigating an increasingly complex market, this is an opportunity to step inside conversations that rarely happen in public and hear directly from the people driving change across defense, AI, and advanced industry.

Who’s taking the stage

We will begin the evening with Ethan Thornton, founder of Mach Industries. In his session called “Built for a New Era of Defense Technology,” Thornton will discuss what it means to build a hard tech company at speed and why defense innovation is undergoing a structural shift as autonomy, manufacturing, and national security become increasingly interconnected. His perspective reflects a new generation of founders choosing to operate in industries once considered slow-moving, now rapidly reshaped by technological acceleration.

Next, the conversation turns to backing the next frontier of physical AI, featuring Delian Asparouhov of Founders Fund and Saif Khawaja of Shinkei Systems. Together they will explore how advances in AI, robotics, and automation are beginning to reshape not just software systems but also the physical world and what it takes to move breakthrough technologies from concept to real-world deployment at scale.

Additional speakers and conversations will be announced in the weeks ahead as the StrictlyVC Los Angeles agenda continues to take shape. Stay updated on new speaker announcements and event developments.

An evening sparking meaningful connections

As the evening unfolds, the room becomes the real value of the event. Conversations continue beyond the stage in a setting defined by access, focus, and proximity to the people actively shaping the next generation of companies. It is an environment where introductions turn into insight, and insight often turns into opportunity. Secure your spot here.