NEW YORK, June 19, 2018 /PRNewswire/ -- Fabric believes that all families deserve a secure financial future. In pursuit of that vision, the company is proud to announce a $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.
Becoming a parent comes with its unique set of joys and challenges, but common to all new parents is the desire to financially protect your family. Products such as life insurance suddenly become a priority, but many new parents put it off because the process can be intimidating, costly, and complicated. Fabric changes all of that with a digital buying experience that is simple, fast, and affordable.
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.
For more information and pricing, please visit meetfabric.com. To support its customer growth, Fabric is expanding its team in Brooklyn. For a list of open opportunities, please visit meetfabric.com/careers.
Fabric believes that every family deserves a secure financial future. Together with a group of world-class investors led by Bessemer Venture Partners and an ever-growing team of data, technology, and insurance professionals, Fabric is committed to bringing life insurance into the modern age with an experience that is fast, affordable, and easy to navigate.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) is a $5B global venture capital firm that invests in consumer, enterprise and healthcare startups from seven offices around the world. One of the longest standing venture capital firms in the world, BVP invested in the early stages of Pinterest, Twitch, Blue Apron, Skype, and LifeLock and has helped 122 of its companies go public, including SendGrid, Twilio, MindBody, Shopify, Wix, Yelp and LinkedIn. Follow us @BessemerVP.
RGAx is a wholly owned subsidiary of Reinsurance Group of America, Incorporated. Formed in 2015, as RGA's innovation and digital business unit, RGAx has three regional teams around the world: RGAx Americas, RGAx EMEA, and RGAx Asia. RGAx leverages its global platform to build and accelerate transformational businesses in the life insurance industry with a mission to help people live longer, healthier, more financially secure lives. RGAx's lines of business include data/analytics, digital distribution, customer engagement, and insurance services. For more information, please visit www.rgax.com.