Travel insurtech startup Faye lands $10 million in Series A
Travel insurtech startup Faye lands $10 million in Series A
Faye’s protection can cover travelers’ flights, hotels, health, luggage, and even their pets
Travel insurance startup Faye announced on Tuesday that it has raised $10 million in Series A funding, bringing the company’s total funding to $18 million. The round was led by Munich Re Ventures along with existing investors Viola Ventures and F2 Venture Capital. Additional investors include Menora Tech and Mike Nelson, former CEO of Global Travel Insurance at Allianz.
Faye’s protection can cover travelers’ flights, hotels, health (including pre-existing conditions), luggage, and even their pets - all via an app that enables users to file claims digitally, and quickly pays for approved claims via electronic transfers to Faye Wallet, its digital debit card that can be added to Apple Wallet or Google Wallet.
Faye is the second startup founded by serial entrepreneurs Elad Schaffer (CEO) and Daniel Green (CTO). The company said that it expects to quadruple its revenue in 2023 alone, having earned millions in premiums in its first year in the market. The company also plans to more than double its pool of travel advisors and distribution partners which is already in the hundreds.
The funding news comes shortly after the company launched its Travel Advisor Portal, a one-stop-shop where travel advisors and agencies can easily offer, learn about and manage travel insurance with Faye.
“Faye fundamentally views travel insurance differently. Until Faye, travel insurance was often thought of as a reimbursement service. Faye's approach combines travel insurance with real-time assistance, trip alerts, a 24/7 concierge and even financial support,” said Schaffer. “Our role is to help ensure that you have a smooth adventure that's memorable for the right reasons. We’ve built an offering that travelers will want to use for life, so bringing Faye along is just as obvious as bringing your passport. This approach is working: we continue to see rapid growth in travelers using Faye, and coming back for more - month over month.”
