# Fabric Insurance Agency

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/fabric-insurance-agency

- Industry: Insurance
- Headquarters: Brooklyn, US
- Website: www.meetfabric.com
- Total disclosed funding: $29M
- Latest round: Series B (Oct 28, 2020)
- Investors on record: 12

## About

Fabric Insurance Agency, LLC offers innovative term life insurance solutions and financial planning tools, focusing on providing simple and reliable coverage for families in the United States.Founded in 2015 in Brooklyn, US, Fabric Insurance Agency, LLC specializes in term life insurance. The company was acquired by Western & Southern Financial Group, Inc. in January 2022. The co-founders are Adam Erlebacher and Steven Surgnier, with Adam Erlebacher serving as CEO. Fabric has raised a total of USD 18.00 mn through several funding rounds, with the latest being a Series B round led by CNO Financial Group, alongside participation from multiple prominent investors such as Bessemer Venture Partners and Guardian Life Insurance.Fabric by Gerber Life primarily offers term life insurance and financial planning tools aimed at families. Their core product, term life insurance, provides financial protection for policyholders’ families in the event of an untimely death. The company emphasizes ease of access with a quick online quote process, ensuring that insurance premiums are guaranteed not to increase over the life of the policy. Fabric also provides resources for families to invest for their children’s future with kids' investment accounts, allowing parents to invest on behalf of their minor children. Furthermore, Fabric facilitates the creation of wills, enabling clients to legally document their asset distribution and guardianship wishes. These products are primarily marketed to families in the United States, focusing on parents seeking straightforward financial solutions.The revenue model of Fabric by Gerber Life is based on the sale of term life insurance policies and investment products. Customers typically engage through direct-to-consumer channels, obtaining quotes and purchasing policies online. Coverage can start for as low as USD 1.00 per day, depending on eligibility and health assessments. In addition to life insurance, revenue is generated from ancillary services such as investment accounts for children and the provision of wills, which are offered at no cost to clients. By focusing on the family market, Fabric aims to establish long-term relationships with clients, providing ongoing financial support and resources as their financial needs evolve.Following the acquisition by Western & Southern Financial Group in January 2022, Fabric plans to leverage its resources to expand its product offerings and enhance customer engagement. Upcoming products include new financial planning tools aimed at further simplifying the insurance purchasing process for families. The company is also looking to expand its market presence beyond the United States, targeting specific international markets by the end of 2023. Capital from the Series B funding round will be utilized to support these initiatives, enhancing Fabric's ability to deliver comprehensive financial solutions to a wider audience.

## Funding rounds

- Series B, Oct 28, 2020, $18M — CNO Financial Group, Nippon Life Insurance, Bessemer Venture Partners, Guardian Life Insurance, Samsung Venture Investment, Alumni Ventures Group, Securian Financial Group
- Series A, Dec 15, 2017, $8M — Bessemer Venture Partners, RGAx
- Seed, Mar 21, 2017, $2.5M — Maveron, Bessemer Venture Partners, BoxGroup, Red Sea Ventures, Brainchild Holdings, RGAx

## Investors

- Maveron (https://capitalatlas.ai/funds/maveron) — Seed
- Bessemer Venture Partners (https://capitalatlas.ai/funds/bessemer-venture-partners) — Seed, Series A, Series B
- BoxGroup (https://capitalatlas.ai/funds/boxgroup) — Seed
- Red Sea Ventures (https://capitalatlas.ai/funds/red-sea-ventures) — Seed
- Brainchild Holdings (https://capitalatlas.ai/funds/brainchild-holdings) — Seed
- RGAx — Seed, Series A
- CNO Financial Group — Series B
- Nippon Life Insurance — Series B
- Guardian Life Insurance — Series B
- Samsung Venture Investment (https://capitalatlas.ai/funds/samsung-venture-investment) — Series B
- Alumni Ventures Group (https://capitalatlas.ai/funds/alumni-ventures-group) — Series B
- Securian Financial Group — Series B