Fabric, a digital life insurance app, has closed its Series B round on $18m to help expand its product suite.
The investment was led by CNO Financial Group, with participation also coming from Guardian Life, Nippon Life, Samsung Ventures, Securian Ventures, and existing investors, including Bessemer Venture Partners.
Capital will be used to expand the product suite and help more families reach long-term financial security.
Fabric helps parents protect their family’s future by providing them with term life insurance, a free last will and testament, and tools to organise family finances.
It takes around 10 minutes to complete the application and immediate approval is given to qualified applicants. Users can ensure their financial accounts, wills and policy information is in one place and can be easily shared with any necessary parties.
In addition to the funding, the company has launched its new college savings and rainy-day savings funds.
The InsurTech is on track to increase its term life insurance premiums by 5-times in 2020.
CNO Financial Group chief investment officer Eric Johnson said, “Fabric’s strong dedication to helping families build financial resiliency aligns with CNO’s commitment to consumers.
“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.”
The InsurTech has raised more than $30m in funding. The company closed its Series A on $10m in 2018, from investors including Bessemer Venture Partners and RGAx. Since it close the Series A, the InsurTech has expanded to serve tens of thousands of families.
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