Stable goes offline after raising $112 million

Commodity price insurtech Stable appears to have gone dark, with its website offline and its X (Twitter) account deactivated. The company raised over $112 million from investors including Acrew, Greycroft, and Notion Capital.

Founded in 2017, Stable developed index-based insurance products designed to protect food and agriculture businesses from commodity price volatility. It positioned its offering as a simpler alternative to traditional hedging, offering near-instant quotes and automated payouts tied to price indexes. About a year after its $60 million Series B, Stable expanded its price risk platform into the energy, fertilizer, and packaging sectors.

Founder and CEO Rich Counsell, who grew up on a farm in Europe, previously shared that while he was naturally interested in agricultural markets, hedging often felt like a financial system inaccessible to people like him. He recalled walking past the CME building in Chicago and wondering what happened inside.

Beyond its core product, Counsell outlined broader ambitions, including a financial news aggregator called Stable Media and market visualization tools under the Stable Data suite.

In practice, the company operated multiple sites, including Stable US and Stable Club. Emails now bounce back, and both sites have been offline for roughly two months, based on Coverager analysis.

Stable raised $6 million in seed funding in 2019, followed by a $46.5 million Series A in 2021 and a $60 million Series B in 2022, bringing total funding to about $112.5 million. Backers included Anthemis, Ascot, Syngenta, Continental Grain Company, and others, with insurer participation from Ascot Underwriting and Baloise Strategic Ventures.