Technology infrastructure launchpad The Fabric raises $15 million
Summary
Announced at the Montgomery Summit in Santa Monica, Calif., the new financing came from Verizon Ventures (the investment arm of TechCrunch’s parent company’s parent company) and March Capital Partners a Los Angeles-based venture capital firm.The Fabric is pursuing a long-tested model for company creation which has had a mixed history of success.According to Gartner, there will be 7.6 billion internet connected devices, and the market to service that industry will be worth nearly $3.9 trillion by 2021.The Fabric is hoping to take a slice of that pie by working with entrepreneurs and affiliated funds to create companies and help finance them through their Series A rounds.“With Fabric 3, we are looking to build on that track record and extend the innovation to new horizons such as edge-cloud and IoT mobility.”