Founded: 2021
Last fundraise: $60 million in Series A funding in February 2024
Fabric, the only early-stage startup on this list, has centered M&A in its approach since its March 2023 launch. The healthcare startup said it planned to accelerate that strategy further this year.
Fabric made four acquisitions in 15 months, most recently buying the physician practice group TeamHealth’s virtual care business in September. Before that, Fabric bought the virtual care business MeMD from Walmart, the asynchronous virtual care platform Zipnosis from Bright Health, and the generative AI startup Gyant.
Fabric sells software to help emergency rooms manage patients, including by directing them to telehealth services where appropriate. General Catalyst led its $60 million Series A round in February 2024.
Fabric’s founder and CEO, Aniq Rahman, told BI in September that Fabric was starting to look at bigger acquisition targets.
“A lot of the companies that are struggling to go raise capital right now, or some of these larger businesses that are reevaluating their position in the market, are creating opportunities for us as well,” he said. “Pretty much every week, there’s inbound coming in from investors that are like, we have assets in our portfolio that may be accretive to what you’re doing with Fabric.”
Rahman told BI in February that Fabric expected to ramp up its M&A strategy even more in 2025.
He said Fabric had “already met with a few dozen companies this year around M&A” and was watching opportunities across venture-backed startups, private-equity-owned companies, and even spinouts of public companies.
