Life Insurance Tech Leader Also Launches Two New Savings Plans To Help Families Achieve Long-Term Financial Security
Fabric, an innovator in helping parents protect their family’s financial future, today announced it has raised $18 million in Series B funding, led by CNO Financial Group (NYSE: CNO) with participation from Guardian Life, Nippon Life, Samsung Ventures, Securian Ventures, and existing investors, including Bessemer Venture Partners. The funding will enable Fabric to further accelerate its growth and expand its suite of products to help more families achieve long-term financial security.
Since its inception, the company has raised more than $30M and is on track to grow accelerated term life insurance premiums by 5x in 2020. Since its Series A, Fabric has expanded to serve tens of thousands of families.
Read More : Fabric Raises $18M in Series B Funding to Transform How Families Protect Their Financial Future
Fabric helps parents protect their family’s future, offering modern, affordable term life insurance, a free last will and testament, and tools to organize family finances. Fabric’s life insurance application takes 10 minutes to complete, with immediate approval for qualified applicants. The company’s free online tools also help spouses and partners organize their important financial accounts, will, and life insurance policy information so that it’s all in one place. Parents can then securely share that information with anyone who needs to know – the guardian of their children, the executor of their estate, beneficiaries, or any key friends or family members. Fabric, available on Android and iOS, ensures critical information is always at your fingertips, and the fingertips of those who need to know.
In addition to the funding, Fabric has launched two new product offerings, including 529 college savings and rainy-day savings funds. Fabric now offers parents a one-stop-shop specifically tailored to improve the financial security of growing families.
“Fabric’s strong dedication to helping families build financial resiliency aligns with CNO’s commitment to consumers,” said Eric Johnson, Chief Investment Officer of CNO Financial Group. “The pandemic has shown the need for an engaging digital customer experience. With Fabric’s digital life insurance and estate planning platform, they are well-positioned for sustained growth. We look forward to partnering with Fabric to accelerate their vision.”
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“Fabric’s approach to solving the financial protection needs of families is resonating with consumers,” said Charles Birnbaum, Partner at Bessemer Venture Partners. “Having invested in Fabric since its Seed and Series A, we look forward to continuing working with the team to capitalize on the massive opportunities in this market.”
“Now more than ever, it’s critical that parents have the online tools they need to protect their family’s future, without leaving their house, or their couch. This new funding will help us continue improving our offering to empower parents to build financial strength for their families,” said Adam Erlebacher, co-founder and CEO of Fabric. “The addition of college savings and rainy-day savings plans empowers parents to tackle their financial to-do list, in one easy-to-use app.”
One App to Help Protect Your Family’s Future
The Fabric app empowers parents to tackle their financial must-do list. With Fabric’s mobile app, parents can now:
Generate their own parental “must-do” list
Apply for term life insurance in minutes
Create a free online last will and testament
Sync up finances with their spouse or partner, including savings accounts, 401(k)s, investment accounts, their Fabric will, life insurance policy, and more
Research and open a 529 college savings plan
Research and open a rainy-day savings fund
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