Jack Ma's Yunfeng Capital quietly invested $30 million in Corgi, an AI insurance startup valued at $4 billion, marking a rare US bet for the Chinese billionaire.
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Jack Ma's private equity firm quietly led a $30 million funding round in Corgi, an AI business insurance startup based in San Francisco, according to a person familiar with the deal and correspondence reviewed by Business Insider.
The investment by Yunfeng Capital, co-founded by Ma and David Yu, values Corgi at $4 billion, Forbes reported last month. That is nearly four times its valuation three months ago. Corgi, part of Y Combinator's summer 2024 cohort, has drawn attention for operating a 24-hour café and mandating a seven-day workweek.
The round marks a rare overseas bet for Ma, who largely vanished from public view after criticizing Chinese regulators in 2020. He reemerged last year as Beijing embraced artificial intelligence. Yunfeng Capital's portfolio has mostly featured Chinese companies, Business Insider noted.
Cross-border tech investment has grown more complicated as tensions between Washington and Beijing escalate. China has tightened control over outbound capital, ordering Meta to unwind its acquisition of AI agent startup Manus. The U.S. has also stepped up scrutiny of Chinese investment through the Committee on Foreign Investment in the United States.
Before those restrictions, Alibaba actively backed U.S. companies, including Lyft in 2014 and Magic Leap in 2016. Ma stepped down as Alibaba's chairman in 2019. The e-commerce giant's stock has lagged rivals amid regulatory pressure and slowing growth.
Corgi and Yunfeng Capital did not respond to requests for comment. Ma's charitable foundation and Alibaba also declined to comment.
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