Stand, the InsurTech that strengthens and insures homes in regions exposed to natural catastrophes, has secured $70m in a Series C round that values the business at $1bn.
Saga Ventures led the investment, joined by backers including Lowercarbon, Eclipse, Equal Ventures, Inspired Capital, Neotribe and Jackson Square Ventures. The latest round lifts the company’s total funding to $130m. Over the past year, the value of property covered by Stand has climbed tenfold, rising from $1bn to more than $10bn.
The company is targeting a growing problem for homeowners. According to Stand, the US now experiences a weather disaster costing at least $1bn roughly every ten days. Many households are facing rising premiums, difficulty renewing policies and uncertainty over cover, even when their property itself has not changed. Stand argues this happens because insurers still set prices based on historical catastrophes, and that a physics-led approach offers a better alternative.
At the heart of the business is the Stand World Model, which builds a digital version of each home and tests how it would cope with wildfire, wind and other hazards. The model factors in how a property is built, what surrounds it and the weather conditions it is exposed to. Rather than relying on decades of loss data, the technology identifies what leaves a particular home at risk and the most cost-efficient ways to reduce that risk.
Stand then recommends upgrades designed to improve safety while keeping a home’s character intact. It supports owners throughout the process by guiding them through each stage, introducing them to trusted partners and verifying finished work on their behalf. Once a property is made more resilient, Stand passes on the reduced risk through discounts of up to 70%, while homeowners and their brokers benefit from competitive pricing and steadier coverage over the long term.
Stand underwrites and services policies issued by Concert Specialty Insurance Company, rated A- by AM Best, in California, and by Stand Insurance Exchange, rated A by Demotech, in Florida.
Alongside the funding, Stand has appointed two senior executives to support its expansion. Drew Saad has been named president of property & casualty, having previously served as chief underwriting officer at PURE Insurance, where he oversaw underwriting for one of the leading high-net-worth insurers in the US.
Tony Landi joins as CFO from Nephila, one of the largest catastrophe reinsurance fund managers globally, where he was head of strategic growth. He has also held roles as head of reinsurance & capital management at Openly and head of portfolio management at Everest Re. At Stand, Landi will oversee finance, reinsurance, capital markets and growth strategy.
Stand co-founder and CEO Dan Preston said, “Disasters follow the laws of physics, and insurance should too. If your home is resilient, you should be rewarded with a low premium and never have to worry about losing your coverage. We want to insure every resilient property in the world, and help make every property safe.”
Stand president of property & casualty Drew Saad said, “The companies that reshape a market for decades are the ones that identify a fundamentally better way to understand risk, and Stand has done that for the homes exposed to natural disasters.
“With the science already in place, the opportunity now is to build an insurance operation that matches it and scales it to every market that needs it. That is the work I have spent my career preparing for, and it is why I joined Stand.”
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