Insurance and financial services group CNO Financial led an $18m series B round for US-based digital life insurance and savings management app provider Fabric yesterday.
The round included Samsung Ventures and Securian Ventures, on behalf of electronics manufacturer Samsung and financial product provider Securian Financial, in addition to insurance firms Guardian Life and Nippon Life and existing investors including Bessemer Venture Partners (BVP).
Fabric runs an online platform that offers affordable life insurance as part of a package that includes a last will and testament management service and financial management tools aimed at families.
The company emerged from stealth in 2017 with $2.5m from a seed round led by BVP that also featured RGAx, the corporate venturing vehicle for reinsurer Reinsurance Group of America, as well as BoxGroup, Brainchild, Maveron and Red Sea Ventures.
BVP also led Fabric’s $10m series A round in mid-2018, investing alongside RGAx, unnamed existing backers and Silicon Valley Bank, which provided a credit facility of undisclosed size.
