Stand, a San Francisco-based property insurance technology company, has raised $70 million in a Series C funding round led by Saga Ventures, valuing the company at $1 billion.
The round also saw participation from Lowercarbon, Eclipse, Equal Ventures, Inspired Capital, Neotribe and Jackson Square Ventures, alongside other investors. The latest financing brings Stand’s total funding to $130 million.
Stand was co-founded by Dan Preston, Jason Mueller, Sam Shank and Bill Clerico. Preston serves as CEO, while Mueller is the company’s Chief Product Officer. Preston previously led automotive insurance company Metromile, while Mueller held a senior product leadership role at Policygenius.
The company provides property insurance for homes exposed to natural disasters, including wildfires and hurricanes. Its platform combines physics-based simulations, artificial intelligence and property assessments to evaluate risks associated with individual homes.
Stand’s technology, known as the Stand World Model, creates digital representations of properties and simulates their potential exposure to fire, wind and other natural hazards. The system evaluates factors such as building construction, surrounding vegetation and weather conditions to identify vulnerabilities.
Based on these assessments, Stand recommends improvements that homeowners can make to reduce disaster-related risks. The company also helps homeowners connect with service providers to implement those changes and offers insurance coverage that reflects the resulting risk reduction. According to Stand, eligible improvements can lead to premium discounts of up to 70%.
Stand reported that the total value of properties it insures has increased from approximately $1 billion to more than $10 billion over the past year. The company currently operates in California and Florida, serving properties exposed to wildfire and hurricane risks.
The new funding will support Stand’s expansion into additional markets and the continued development of its insurance operations and property-risk modeling technology. Its expansion plans include other wildfire-prone western states and regions of the southeastern United States.
Alongside the funding announcement, Stand appointed Drew Saad as President of Property & Casualty and Tony Landi as Chief Financial Officer. Saad previously served as Chief Underwriting Officer at PURE Insurance, while Landi held senior positions at Nephila and Openly.
The appointments strengthen the company’s underwriting, finance and reinsurance leadership as it expands its property insurance business.
