Stand raises $70 million at $1 billion valuation in Saga Ventures — led Series C

By Navneeta Nandan Oct 15 (The Insurer) — Stand has raised $70 million in a Series C round led by Saga Ventures, the homeowners insurtech announced on Thursday. The fundraise, which valued Stand at $1 billion, also included Lowercarbon, Eclipse, Equal Ventures, Inspired Capital, Neotribe and Jackson Square Ventures, among others. In the same announcement, Stand said that it has appointed Drew Saad as president of P&C and Tony Landi as chief financial officer. Saad joins from Pure Insurance, where he was the chief underwriting officer. Landi was most recently the head of strategic growth at Nephila and has also worked at Openly and Everest Re. San Francisco-based Stand said that it now insures more than $10 billion of property, up from $1 billion a year ago. Commenting on the fundraise, Stand co-founder and CEO Dan Preston said: "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." The catastrophe-exposed property insurance startup was launched in 2024 by Preston, the former CEO of auto insurtech Metromile. Stand in December