Insurance technology startup Corgi announced Wednesday it has raised $160 million in Series B funding, achieving a valuation of $1.3 billion just four months after completing its Series A round.

The funding round was led by TCV, a growth equity firm that has previously invested in companies like Netflix, Facebook, and Spotify. The rapid progression from Series A to Series B funding reflects strong investor interest in the insurance technology sector.

Corgi's $1.3 billion valuation places it among the growing number of insurtech unicorns, companies valued at more than $1 billion. The company's quick ascent to unicorn status in less than a year demonstrates the accelerated funding cycles currently seen in the technology sector.

The insurance technology market has attracted significant venture capital investment as traditional insurance processes undergo digital transformation. Startups in this space are leveraging technology to streamline underwriting, claims processing, and customer acquisition in an industry historically known for slow adoption of new technologies.

Details about Corgi's specific insurance products, customer base, or revenue figures were not disclosed in the funding announcement. The company has not specified how it plans to use the new capital or its expansion strategy going forward.