The company builder has raised capital from investors including Verizon Ventures and March Capital Partners for a first close of its third fund.
US-based company builder The Fabric has secured $15m in capital from investors including telecommunications firm Verizon’s corporate venturing subsidiary, Verizon Ventures, for its third fund.
Venture capital firm March Capital Partners has also contributed to the first close of Fabric 3, which is expected to reach its final close by the end of next month.
Founded in 2012, The Fabric collaborates with entrepreneurs to create cloud and infrastructure internet-of-things (IoT) technology companies it helps to fund through series A stage.
Verizon Ventures director Vijay Doradla said: “We are very excited by The Fabric’s approach and look forward to working with The Fabric team to bring innovations to Verizon strategic initiatives, such as 5G, IoT, blockchain and next-generation networking infrastructure.”
The company has now raised a total of $41m across the three funds. Its portfolio companies include networking technology provider VeloCloud, which was acquired by VMWare in November 2017.
