Jack Ma quietly invested $30 million in Corgi, one of Y Combinator's hottest startups
Yunfeng Capital, led by Jack Ma, quietly invested $30 million in AI startup Corgi, marking a rare deal amidst US-China investment tensions.
Alibaba founder Jack Ma's private equity firm, Yunfeng Capital, secretly led a $30 million funding round for Corgi, an AI insurance startup based in San Francisco. This marked Yunfeng Capital's first known investment in a US-based startup, as the firm typically focuses on Chinese investments. Corgi, which graduated from Y Combinator's summer 2024 cohort, has seen its valuation soar to $4 billion in just three months.
The startup gained notoriety for its 24-hour café in San Francisco and its promotion of a seven-day workweek. Corgi's valuation was revealed by Forbes last month. The private equity investment comes at a time of heightened geopolitical tensions between Washington, D.C., and Beijing, making cross-border tech investment more challenging.
Yunfeng Capital, while predominantly investing in Chinese companies, has ventured overseas, making this a rare move for the firm. Jack Ma, who has been relatively quiet in recent years, has recently re-emerged in China as the government embraces AI. In contrast, the US has tightened its scrutiny of Chinese investment through the Committee on Foreign Investment in the United States.
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