Corgi sells commercial insurance to startups, using AI to help quote policies and run underwriting, policy administration and claims. A Forbes report reproduced by Forbes Liberia says the two-year-old company closed a $64 million Series B extension at a $5 billion valuation, citing two people familiar with the financing. Clear Street confirmed participating, but the financing remains reported rather than company-announced.

A startup can seek a quote from Corgi and keep the resulting policy and claims work with the same provider. Corgi describes itself as a licensed carrier that designs and manages coverage end to end, while its embedded-insurance tools let other startups offer insurance to their own customers. The company identifies startups and founder-led businesses as its core market.

The extension would be Corgi's fourth financing event in less than five months. The company announced a $160 million Series B at a $1.3 billion valuation in May, then a $106 million extension at $2.6 billion three weeks later. Forbes reported another extension at a $4 billion valuation in July. The two announced May rounds and the latest reported extension total $330 million; the July amount was not disclosed.

Insurance adds a balance-sheet concern that ordinary software companies do not face. TechCrunch reported that Corgi uses a risk-retention group for at least some coverage, while a spokesperson said other policies may use state-regulated carriers. Members of a risk-retention group pool resources to pay claims and lack state guaranty-fund protection, so underwriting results and claims-paying capacity matter alongside faster software.

Corgi has also stretched beyond commercial insurance. The reproduced Forbes report says it launched an exchange-traded-fund service and operates five 24-hour cafes. One San Francisco cafe was temporarily shut for lacking a valid health permit, and the company reportedly dismissed its cafe-expansion head while pulling back those plans. The report did not specify how the latest financing would be divided among insurance and these other businesses.