Corgi, an insurance technology, data room software and coffee shop startup, is reportedly raising another round that closely follows its latest raise and would double its valuation, sources told Forbes.

The round is said to be a second extension of its Series B round and is already closed. Corgi announced its latest round, the $106 million B1 round at a $2.6 billion valuation in late May, about eight weeks ago.

In the AI ​​funding frenzy, many startups are launching back-to-back rounds at ever-increasing valuations, but even by those standards, Corgi stands out.

The Y Combinator alum (Summer 2024) raised a $108 million Series A in January at an undisclosed valuation. (PitchBook estimates $630 million after money.) Four months later, in early May, it raised its Series B: $160 million at a valuation of $1.3 billion. Just three weeks later, it announced a B1 round from the same investors, saying they had invested $106 million at a valuation of $2.6 billion.

Now, eight weeks later, sources tell Forbes there is a B2. However, Forbes did not report the amount of money Corgi raised and the company declined to comment on the potential funding.

Corgi is backed by TCV and Kindred Ventures. Kindred’s Kanyi Maqubela cited the startup’s momentum to TechCrunch as justification for the latest valuation jump. The apparent justification for the new valuation is the startup’s revenue trajectory.

When Corgi announced its Series A seven months ago, the founders said their company had already reached $40 million in annualized revenue rate. Sources told Forbes that it is now on track to increase the run rate to $450 million by the end of the year.

Corgi offers AI-based insurance. Use AI to provide potential clients with quick quotes and expedite claim payments. It offers startups various types of liability insurance, such as general liability, technology-related incident coverage, and workplace liability, as well as auto and commercial tenant insurance.

Insurance is an inherently cash-intensive business, but perhaps even more so for Corgi because it uses a type of insurance structure known as a Risk Retention Group (RRG). This is a way for people in the same industry, or those facing similar responsibilities, to combine their resources and collectively self-insure.

According to Corgi’s website, RRGs are not subject to the same state regulations as traditional, rated and underwritten insurance companies. However, Corgi has adopted some different structures for different types of insurance, a spokesperson says. In addition to RRGs, some policies could use state-regulated carriers, for example.

However, in an RRG insurance business, claims are paid out of the pool, and a large claim can affect how much is left in the pool to pay other claims. RRGs are not backed by state guarantee funds, so if the common fund cannot pay, members bear the loss. If the claims are large enough, they may even bankrupt the RRG.

Perhaps it’s not surprising, then, that Corgi wants to grow his coffers.

But even as the startup has expanded the types of insurance it offers, it has also diversified in other ways. Corgi now offers data room software, having overcome a recent uproar over how that software was coded.

Additionally, the startup operates two 24-hour coffee shops with cute and sometimes ad-sponsored drink names, such as “Brexspresso.” Its stores are located in San Francisco and Atlanta, but it says it plans to open five more soon, including several in New York and one in London. Opening brick-and-mortar coffee shops also requires cash.

Meanwhile, Corgi has a reputation in Silicon Valley for having a demanding corporate culture after its founder and CEO, Nico Laqua, said he expects his employees to work seven days a week.