Corgi is a Y Combinator-backed (S24) insurance startup that sells liability and other business coverage to startups, and has raised money at an unusual pace: a $108M Series A in January 2026, a $160M Series B at a $1.3B valuation in early May, a $106M B1 round at $2.6B just three weeks later, and a reported B2 round in July 2026 valuing the company around $4B — its third round in roughly eight weeks. Much of its insurance is written through Technology Risk Retention Group, Inc., an Arizona-domiciled RRG that began operating January 1, 2026. RRGs pay claims out of a pooled fund and aren't backed by state guaranty funds, so sufficiently large claims can render the group insolvent — and critics have questioned whether pooling many unrelated startup risks into a single RRG is sustainable.