Stand raises a $70M Series C at a $1B valuation led by Saga Ventures to insure homes exposed to natural catastrophes

Stand has raised a $70 million Series C led by Saga Ventures, valuing the insurtech at $1 billion. Lowercarbon, Eclipse, Equal Ventures, Inspired Capital, Neotribe and Jackson Square Ventures participated. Total funding reaches $130 million.

Led by co-founder and CEO Dan Preston, Stand strengthens and insures homes in regions hit by wildfire, wind and other hazards. Its Stand World Model builds a digital version of each property and tests how it would cope with those events, then recommends the upgrades that cut the risk most cheaply, verifies the work and passes the lower risk on as discounts of up to 70%.

The value of property covered has grown tenfold in a year, from $1 billion to more than $10 billion. Stand underwrites and services policies issued by Concert Specialty Insurance Company in California and Stand Insurance Exchange in Florida.

Drew Saad, former chief underwriting officer at PURE Insurance, joins as president of property and casualty; Tony Landi joins as CFO from Nephila.