Hedging specialist Stable has announced the closing of a $60 million Series B funding round, led by Acrew, who was joined by existing investors Greycroft and Notion Capital, as well as new risk capital from reinsurers and capital markets.
Founded in 2017, Stable uses reinsurance structures in Bermuda to support the hedge investments its customers enter into.
With operations now across NYC, Chicago, London, Singapore and Bermuda, this latest investment will enable the further development of the data science for its platform.
“Over the last two years, no business has been spared from the uncertainty that stems from volatile commodity prices. Any savvy business leader that is affected by commodity price fluctuation should be using Stable’s cutting edge offering to manage this volatility,” said Vishal Lugani, General Partner & Co-Founder of Acrew Capital.
“Acrew is glad to be partnering with Rich and team; in leading this investment round, we hope we can support Stable as they build a new category of risk management.”
“We’re really proud to partner with Acrew, Notion, Greycroft and all of our shareholders as we accelerate our plans to make a real impact in this vital sector and warmly welcome Vishal Lugani to the Board,” added Rich Counsell, Stable CEO.
“After years of R&D and dreaming of making a real difference to our industry, I feel incredibly privileged to lead this diverse and talented team of people who are making it happen,” Counsell continued. “It’s a big moment for us as a team, but Stable has barely gotten started when it comes to the role we can play in the future of our industry.”
Stephen Chandler, Managing Partner at Notion Capital, further stated: “The disruption in the commodity markets has created an extraordinary opportunity to make a difference to this vital sector, and we’re delighted to support the team and their vision.”