Corgi, the AI-driven InsurTech, has closed a fresh funding round valuing the business at $4bn, its third raise in under three months.
The latest round, reported by Forbes citing multiple sources, is a further extension of the company’s Series B and nearly doubles the $2.6bn valuation it achieved in late May. The participants in the round and the amount raised have not been disclosed.
The San Francisco-based firm has moved at a remarkable pace even by the standards of the AI sector. It first hit unicorn territory in early May with a $160m Series B at a $1.3bn valuation, backed by TCV and Kindred Ventures.
Only three weeks later, it secured a $106m Series B1 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 backers, lifting its valuation to $2.6bn.
Corgi describes itself as building the first AI financial infrastructure company. It operates a full-stack insurance platform spanning underwriting, claims handling and embedded insurance products, aimed at making commercial cover quicker, more flexible and more operationally efficient.
The firm is forecasting a tenfold jump in its revenue run rate by the end of the year, climbing from $45m to $450m.
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