What Happened
Corgi, a Dubai-based insurance startup founded in 2022 and backed by Gulf VCs including Wamda Capital and MEVP, denies producing 'The Mission at Corgi' – a purported internal strategy guide likened to Mao's Little Red Book. An anonymous investor claims to have received a physical copy at Corgi's DIFC office during a 2023 visit, describing it as containing aggressive growth targets and tactics for navigating UAE insurance regulations. The Insurance Authority of UAE has not commented publicly, but industry sources confirm Corgi is operating under a regulatory sandbox license requiring strict adherence to Sharia-compliant product guidelines and capital adequacy ratios. No financials have been disclosed, though insider estimates place its last funding round at $12M in early 2023.
Why It Matters
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Sources
- The mystery of a 'little red book' about insurance startup Corgi