The Round Valued Corgi at $4 Billion, With İts Valuation Nearly Quadrupling Over the Past Three Months

Jack Ma's private equity firm, Yunfeng Capital, quietly led a $30 million funding round for Corgi, a San Francisco-based AI insurance startup, marking the firm's first known US investment. The round valued Corgi at $4 billion, with its valuation nearly quadrupling over the past three months. Corgi, part of Y Combinator's summer 2024 cohort, is known for its 24-hour café and 7-day workweek.

Yunfeng Capital, co-founded by Ma and David Yu, typically focuses on Chinese companies, making this a rare overseas bet. The investment comes amid heightened US-China geopolitical tensions affecting cross-border tech deals. Ma, who stepped down as Alibaba chairman in 2019, has kept a low profile since criticizing Chinese regulators in 2020 but reemerged last year as China embraces AI. Neither Corgi nor Yunfeng Capital responded to requests for comment.