Sacra estimates that Corgi Insurance hit $40M in annual run rate in December 2025. The company serves over 40,000 active startup customers across 49 U.S. states with churn below 1%.

The rapid revenue acceleration followed Corgi's receipt of full carrier approval in July 2025, which enabled the company to write policies on its own paper rather than operating as a managing general agent. This transition eliminated fronting fees and allowed for faster product iteration and pricing flexibility.

Average revenue per customer sits at approximately $1,000 annually, reflecting the company's focus on venture-backed startups that typically require multiple coverage lines including general liability, cyber, tech errors and omissions, directors and officers, and employment practices liability insurance. The low churn rate indicates strong product-market fit within the startup ecosystem.

Corgi Insurance raised $108 million in combined Seed and Series A funding announced in January 2026. The round was co-led by Y Combinator and Kindred Ventures, with participation from Oliver Jung, Contrary, Glade Brook Capital Partners, Seven Stars, Leblon Capital, SV Angel, Alumni Ventures, Quadri Ventures, Vocal Ventures, and Phosphor Capital.

The company emerged from stealth with this significant funding round, which coincided with receiving full carrier approval from regulators in July 2025. The timing allowed Corgi to capitalize on its regulatory milestone while the startup insurance market was experiencing significant consolidation and vertical integration among competitors.

The $108 million represents the total amount of primary equity raised by the company since its founding.

Corgi Insurance is a browser-based insurance platform for venture-backed startups. A founder logs in with their company email or provides a Y Combinator or Crunchbase URL for automatic data population.

The platform uses Hammurabi, a proprietary risk engine, to analyze uploaded documents including pitch decks, SOC-2 reports, and GitHub repositories. A short questionnaire captures key data points like team size, funding stage, annual revenue, and cloud infrastructure stack, with much of this information auto-filled from public sources and uploaded materials.

Within 30 seconds, the system generates real-time pricing for multiple coverage modules including general liability, cyber, tech and AI errors and omissions, directors and officers, employment practices liability, media liability, fiduciary, and representations and warranties insurance. Founders can toggle coverage limits or select pre-built bundles tailored to their funding stage (Pre-Seed and Seed, Series A, or Growth).

If a company's risk profile falls within automated binding limits, founders can complete the purchase immediately using ACH or credit card payments. More complex cases route to human underwriters with machine learning-generated recommendations. Upon purchase, the platform issues certificates of insurance immediately and API-friendly JSON policy records.

Claims processing operates through the same dashboard, with a GPT-like triage agent that classifies claims, requests missing documentation, and routes straightforward losses for automated processing while escalating complex cases to human adjusters.

As a full-stack insurance carrier, Corgi writes policies on its own paper rather than acting as a broker or managing general agent. Vertical integration enables the company to capture underwriting profits and investment income, and to eliminate the traditional broker-wholesaler-carrier relay that typically involves 8-12 touchpoints.

The go-to-market model is primarily B2B, targeting venture-backed startups through direct digital channels and embedded distribution partnerships. Corgi uses its Y Combinator connection and startup ecosystem relationships to acquire customers, while also building API integrations with law firms, cap table managers, and cloud marketplaces.

Revenue comes from insurance premiums collected upfront for annual policies, with pricing determined by Corgi's proprietary risk assessment algorithms. As the carrier, Corgi assumes the insurance risk in exchange for premium income, while also earning investment returns on float (the time between collecting premiums and paying claims).

The platform's API-first architecture enables embedded distribution through third-party platforms, allowing partners to pre-fill client data and offer insurance as part of their existing workflows. Policy metadata flows through GraphQL APIs, enabling customers to sync coverage information with spend management and governance tools.

Automation throughout the underwriting and claims processes reduces the need for traditional insurance personnel, while maintaining the regulatory capital requirements of a licensed carrier.

Vouch represents Corgi's most direct competitor, having transitioned from managing general agent to licensed carrier status. Vouch has built embedded integrations with Brex, Carta, and WeWork, leveraging its carrier status to retain margin and accelerate product development. However, Vouch recently divested its Corix carrier operations to Hiscox, suggesting potential capital intensity pressures that could limit its competitive positioning.

NEXT Insurance operates as a wholly-owned subsidiary of ERGO/Munich Re, serving nearly 750,000 small business customers with an A+ AM Best rating. While NEXT benefits from significant balance sheet strength and scale, its broad small business focus dilutes specialization for venture-backed technology companies, creating an opening for Corgi's niche positioning.

Embroker uses its ONE platform to package directors and officers, employment practices liability, cyber, and other coverage lines through a streamlined questionnaire process. The company still relies on fronting carriers including Everspan and Trisura, creating margin pressure and capacity renewal challenges that Corgi avoids through its carrier model.

Coalition and At-Bay have pioneered the cyber-first approach, bundling insurance with security tooling and services. These companies compete directly with Corgi on cyber coverage but lack the comprehensive commercial lines focus that startups require across multiple risk categories.

Established carriers like AXA XL and Chubb dominate the market for larger, later-stage companies but struggle with the speed and user experience demands of early-stage startups. Their underwriting processes typically require weeks rather than minutes, creating opportunities for Corgi to capture customers before they reach enterprise scale.

These incumbents benefit from superior balance sheet strength and reinsurance relationships but face challenges adapting their legacy systems and processes to serve the startup market effectively.

AI-specific liability coverage represents a significant expansion opportunity as companies increasingly deploy machine learning models and automated systems. Corgi already includes AI liability in its core product menu and could develop standalone coverage for model errors, algorithmic bias defense, and AI agent liability as the market matures.

Employee-centric coverages including workers compensation, key person life insurance, and captive health stop-loss would deepen wallet share while leveraging Corgi's existing payroll and API data integrations. Venture-backed companies typically add headcount rapidly, creating natural demand for expanded employee benefits.

Transactional insurance products like representations and warranties coverage, IPO directors and officers run-off policies, and parametric downtime coverage tied to cloud service level agreements would serve customers as they mature toward liquidity events.

Geographic expansion within the United States offers immediate TAM growth, as Corgi currently writes policies in 49 states following its July 2025 carrier approval. Achieving nationwide licensing would expand the addressable startup population by approximately 35%.

Moving beyond early-stage companies to serve Series B and later ventures requires expanded policy limits and multinational coverage extensions. This evolution would allow Corgi to retain customers as they scale beyond $100M in annual recurring revenue rather than losing them to traditional commercial carriers.

Embedded distribution through venture capital firms and accelerator programs could dramatically expand customer acquisition. Portfolio-wide insurance programs would allow funds to pre-purchase coverage for all new investments, capturing entire cohorts before they engage traditional brokers.

International expansion into major startup ecosystems like Canada, the United Kingdom, and the European Union would access approximately 25,000 to 30,000 additional venture-backed companies. Regulatory frameworks in these markets could support partnerships with local fronting carriers or direct licensing approaches.

Cross-border coverage for globally distributed teams addresses the growing trend of remote engineering organizations and digital nomad workforces. Policies that include H1-B liability riders and GDPR-linked cyber coverage would differentiate Corgi from U.S.-centric competitors.

Regulatory capital: As a licensed insurance carrier, Corgi must maintain regulatory capital reserves that scale with premium growth, which can constrain expansion speed or require additional equity funding as the business grows beyond current capacity limits.

Reinsurance dependency: Like all carriers, Corgi relies on reinsurance markets to transfer catastrophic risk exposure, and any tightening of reinsurance capacity or pricing could impact profitability and growth in ways outside management control.

Startup market cycles: Corgi's exclusive focus on venture-backed companies creates concentration risk around startup formation rates and funding cycles, with potential revenue volatility during periods of reduced venture capital activity or economic downturns affecting the technology sector.