Jack Ma quietly invested $30 million in Corgi, one of Y Combinator's hottest startups
Jack Ma's private equity firm, Yunfeng Capital, has led a $30 million funding round for the San Francisco-based AI insurance startup Corgi. This investment marks a rare US-based deal for the firm amid heightened geopolitical tensions regarding cross-border tech investments.
Why it matters
The investment highlights the continued interest of Chinese capital in US AI startups despite increasing regulatory scrutiny and geopolitical friction.
Alibaba cofounder Jack Ma. Wang HE/Getty Images Jack Ma's private equity firm, Yunfeng Capital, quietly led Corgi's latest funding round. Corgi, a San Francisco AI insurance startup, saw its valuation quadruple over the last few months. Corgi marks Yunfeng's first known US deal, as it mostly touts Chinese investments. Jack is back. Chinese billionaire Jack Ma's private equity firm secretly led the latest funding round for Corgi , marking the first time the firm is known to have invested in a startup founded in the US. Yunfeng Capital, co-founded by Jack Ma and businessman David Yu, funded Corgi with about $30 million, according to a source familiar with the matter and correspondence seen by Business Insider. That round valued Corgi at $4 billion, Forbes previously reported last month . Corgi is an AI business insurance startup that was part of Y Combinator's summer 2024 cohort.
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