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Homeowners insurance provider for climate-exposed properties Stand on Oct. 16 announced it closed a $35 million Series B funding round. The financing was led by venture capital firm Eclipse, with participation from existing backers Inspired Capital, Lowercarbon Capital, and Equal Ventures.
San Francisco-based Stand launched over a year ago and said it has already written $1 billion in home insurance coverage across California.
According to the company, the early focus on wildfire-prone properties helped validate its risk-modeling approach and drew attention from major investors. The new capital will allow Stand to enter Florida, a market facing severe strain in homeowner policy availability.
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Florida carries more climate risk than any other state in the country. National Oceanic and Atmospheric Administration data shows it has endured $94 billion weather disasters since 1980, with the latest seven accounting for more than $1 trillion in combined losses.
That level of exposure has strained Florida’s insurance system and forced many homeowners to depend on state-run Citizens Property Insurance, which holds over $200 billion in potential liability, according to a company report. The number reflects how limited the private insurance market has become and how urgently new capacity is needed, Stand said.
According to NOAA’s National Centers for Environmental Information, U.S. weather and climate disasters have averaged nearly $150 billion in annual damages over the past several years. Stand said the mounting losses have driven several large insurers to retreat from high-risk regions, leaving many property owners struggling to maintain coverage as weather volatility intensifies.
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“Insurance should play a central role in creating resilient communities,” Stand co-founder and CEO Dan Preston said in the company’s statement. “The scale of risk in Florida demands a new model: One that links coverage to hardening homes against wind storms. That’s what Stand is building. By expanding into the largest catastrophe market in the country, we’re working hard to make this a reality for the world’s property owners.”