Insurance tech darling Corgi, which also apparently does data room software and runs coffee shops because diversification is fun, is reportedly raising yet another round that would double its valuation to $4 billion. Sources told Forbes the round is a second extension of its Series B and has already closed. This comes just eight weeks after the company announced a $106 million B1 round at a $2.6 billion valuation.

Corgi, a Y Combinator alum from summer 2024, has been on a fundraising tear that would make even the most aggressive AI startups blush. In January, it raised a $108 million Series A at an undisclosed valuation (PitchBook estimates $630 million post-money). Four months later, in early May, it scored a $160 million Series B at a $1.3 billion valuation. Three weeks after that, it announced a $106 million B1 from the same investors at a $2.6 billion valuation. Now, eight weeks later, there's a B2. The amount wasn't disclosed, and Corgi declined to comment, probably because they were too busy counting money.

The startup, backed by TCV and Kindred Ventures, offers AI-powered insurance, giving prospects fast quotes and speeding up claims. It covers various liability insurance for startups, including general liability, tech-related incidents, and employment liability, as well as business renters' and auto insurance. The revenue trajectory seems to justify the valuation leaps: when Corgi announced its Series A seven months ago, it had already hit $40 million in annualized revenue run rate. Sources now say it's on track to hit $450 million by year-end.

Insurance is inherently cash-intensive, but Corgi's use of a Risk Retention Group (RRG) structure adds extra financial thirst. RRGs allow groups to pool resources and self-insure collectively, but they aren't subject to all state regulations and aren't backed by state guaranty funds. If claims are steep, the pool can run dry, or even bankrupt the RRG. So, Corgi wants to grow its coffers - understandable.

Beyond insurance, Corgi now offers data room software (having weathered a recent uproar over vibe coding) and operates two 24-hour coffee shops in San Francisco and Atlanta, with plans for five more in New York and London. The shops feature cute, sometimes ad-sponsored drink names like "Brexspresso." Opening physical cafes also requires cash, and Corgi has a reputation for a demanding corporate culture - founder-CEO Nico Laqua expects employees to work seven days a week. Because nothing says "we care about our team" like a startup that raises $374 million in eight months and still expects you to live at the office.