San Francisco home insurer Stand reaches US$1 billion valuation with US$70 million Series C
The startup simulates how individual homes would fare in wildfires and storms, then discounts coverage for owners who make them more resilient.
Stand, a San Francisco company that insures homes in disaster-prone areas, said on Thursday it has raised a US$70 million Series C at a US$1 billion valuation, bringing its total funding to US$130 million. Saga Ventures led the round, with participation from Lowercarbon, Eclipse, Equal Ventures, Inspired Capital, Neotribe and Jackson Square Ventures.
The company says it now insures more than US$10 billion of property, up from US$1 billion a year ago. Its Stand World Model builds a digital representation of each home and simulates how it would hold up to fire, wind and other hazards, then recommends cost-effective improvements and verifies the work once it is done.
Stand says owners of resilient homes can receive discounts of up to 70 per cent. “Disasters follow the laws of physics, and insurance should too,” said co-founder and CEO Dan Preston. Policies are issued by Concert Specialty Insurance Company in California and Stand Insurance Exchange in Florida.
The company also named Drew Saad, formerly chief underwriting officer at PURE Insurance, as president of property and casualty, and Tony Landi, previously of reinsurance fund manager Nephila, as chief financial officer.
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