Stand raises $70M Series C at a $1B valuation to price wildfire risk home by home

TLDR

• Home insurer Stand raised a $70 million Series C at a $1 billion valuation, led by Saga Ventures.¹²
• The round values a young insurer on a simulation pitch, not a long loss history.¹²
• Its accuracy claims are its own, and Fortune said it could not verify the figures.²

Stand, the home insurer founded by former Metromile chief executive Dan Preston, announced on 15 October that it has raised a $70 million Series C at a $1 billion valuation.¹² Saga Ventures led the round, with Lowercarbon, Eclipse, Equal Ventures, Inspired Capital, Neotribe and Jackson Square Ventures participating, and the financing brings Stand's total raised to $130 million.¹⁴ Fortune, which broke the news, reported that Stand insures more than $10 billion of property, up from $1 billion a year ago, and that Preston puts monthly growth at about 15% even though the company operates only in California, for wildfire, and Florida, for hurricanes.²

The pitch is that insurers price catastrophe risk by looking backwards at loss statistics and sorting homes by location. Stand instead builds a digital twin of each house, covering its construction, nearby trees and brush, wind direction and weather, and simulates how it would fare in a wildfire or storm.¹² Its in-house Stand World Model is a neural network the company says was taught the underlying physics, which lets it rerun a simulation instantly when a tree is removed.² The company then recommends improvements, connects owners with trusted partners, confirms the work and passes on discounts of up to 70% on premiums.¹ Stand says it tested the model blind on roughly 310 California homes that experienced wildfires over the past three to four years, including some hit by the Palisades Fire, and that it called burn or survival correctly about 85% of the time against 50% to 55% for location-based incumbents; Fortune noted the results are Stand's own and it could not verify them.²

Stand is a carrier as well as a modeller. Pulse 2.0 reported that it underwrites and services policies issued by Concert Specialty Insurance Company in California and Stand Insurance Exchange in Florida, with reinsurance partners including Arch, RenaissanceRe, Hannover, Nephila and Hiscox.⁴ With the round it hired Drew Saad, formerly chief underwriting officer at PURE Insurance, as president of property and casualty, and Tony Landi, formerly head of strategic growth at Nephila, as chief financial officer.¹

On the investor side, Saga Ventures' website lists Stand alongside Anduril, Mercury and Owner.com in its portfolio.⁵ Eclipse, the previous lead, put $30 million into the $35 million Series B announced in October 2025, when Stand had written $1 billion of insured value in California and was expanding into Florida; Inspired Capital, Lowercarbon Capital and Equal Ventures also took part then and returned for the Series C.³¹

Why it matters: the round values a young home insurer at $1 billion on a pitch built around simulation rather than a long loss history, and the test ahead is whether Stand's accuracy claims, which are so far its own, hold up as its reinsurers and policyholders take on more of the risk.