RGA invests in insurtech start-up Fabric

Insurtech start-up Fabric has secured a $10 million Series A investment from RGAx, the innovation and digital business unit of Reinsurance Group of America, Bessemer Venture Partners and Silicon Valley Bank, which provided a credit facility.

Fabric sells life, accident, and health insurance products through its digital platform in the US. The policies are issued by Vantis Life Insurance Company.

"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.

Fabric co-founder and CEO Adam Erlebacher commented: "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."

Charles Birnbaum, partner at Bessemer Venture, said: "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."

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