Fabric, a NYC-based insurtech startup, raised $10M in Series A funding.
The round was led by Bessemer Venture Partners with participation from RGAx, existing investors, and Silicon Valley Bank, which provided a credit facility.
The company intends to use the funds for customer growth and expansion of its team in Brooklyn.
Led by Adam Erlebacher, Co-Founder and CEO, Fabric leverages proprietary technology to provide families with life insurance products, including:
– Fabric Instant, an insurance for accidental death, which covers unexpected events like car, bike, and commercial air crashes, fire, even murder, and
– Fabric Premium, which covers death caused by accidents and illnesses, including heart attacks, cancer, diabetes and all natural causes.
The company now serves thousands of families that have purchased insurance coverage issued by Vantis Life.