Fabric Announces USD 10M Round and Continues Rapid Growth
NEW YORK: Fabric believes that all families deserve a secure financial future. In pursuit of that vision, the company is proud to announce a USD 10M Series A investment led by Bessemer Venture Partners with participation from RGAx, existing investors, and Silicon Valley Bank, which provided a credit facility. The financing closed in 2017.
Fabric has achieved rapid growth since its launch a year ago. Using its proprietary technology, the company now serves thousands of families that have purchased insurance coverage through Fabric. Policies are issued by Vantis Life, which was founded in 1942 and is rated "A" ("Excellent") for financial strength and claims-paying ability by A.M. Best.
"When you have a child, everything changes. Fabric is about helping put peace of mind within reach of all families, and that means making it easy and affordable for new parents to get covered," said Adam Erlebacher, Fabric Co-Founder and CEO.
"We believe Fabric has the opportunity to build a category-defining company and we are excited to have backed a great team working hard to fix a broken market. Young parents know that they need to protect their family's future and are searching for new insurance solutions more in line with what they have come to expect from other digital financial services," said Charles Birnbaum, Partner at Bessemer Venture Partners.
"The Fabric team has demonstrated a remarkable ability to identify, engage, and fulfill customers' financial protection needs through digital channels and we are excited to continue supporting Fabric's rapid growth," said Farron Blanc, Vice President at RGAx.