Insurance operator Stand has announced the completion of a $35m Series B funding round led by Eclipse to broaden its reach into Florida. 

Existing investors Inspired Capital, Lowercarbon Capital and Equal Ventures also contributed to the round.  

With the Series B funding, Stand is set to extend its operations to Florida, “one of the largest and most volatile” catastrophe markets in the US. 

In existence of just over a year, Stand has established a presence in California, underwriting an insured value of $1bn.  

Stand’s insurance model integrates coverage with proactive home fortification measures. The company advocates for property improvements that enhance resilience against natural disasters such as winds, fires and floods.  

This strategy aims to mitigate potential damage and reduce long-term insurance expenses for property owners, stated the company. 

Stand employs physics-based underwriting models that were initially designed for assessing wildfire risks and have now been expanded to evaluate wind-related threats.  

These models are intended to provide a more precise assessment of a building’s ability to withstand extreme weather conditions. 

Eclipse partner and Stand board director Aidan Madigan-Curtis said: “Rising costs and shrinking coverage are leaving American families exposed. Eclipse’s $30m investment in Stand reflects our conviction that resilience is the future, giving property owners the tools to safeguard their properties and their futures.” 

Stand stated that its leadership team includes experts with experience in various sectors including insurance, technology and applied sciences.  

Stand CEO and co-founder Dan Preston stated: “The scale of risk in Florida demands a new model: one that links coverage to hardening homes against wind storms. That is what Stand is building. By expanding into the largest catastrophe market in the country, we are working hard to make this a reality for the world’s property owners.”