Insurance tech firm Corgi has announced a $106 million raise, doubling its valuation in just three weeks to $2.6 billion. The rapid rise raises questions about the true value behind such steep valuations.

The company, founded by Emily Yuan and Nico Laqua, is expanding into new insurance categories for startups, including AI-related risks. Despite the impressive funding round, some investors are wary of internal markups that don’t reflect real business growth.

Corgi’s momentum, according to Kindred Ventures, justifies the quick jump in valuation. However, a growing concern among limited partners is whether this practice makes portfolio performance appear stronger than it should be, without genuine liquidity events.

With other insurtech players like Vouch also vying for market share, Corgi’s expansion plans aim to leverage additional capital into new insurance categories and scale its AI underwriting platform. The race to outdo each other in valuation could redefine how we perceive startup success.