Faye, a Los Angeles, CA-based travel insurance startup, raised $8M in Seed funding.
The round was led by Viola Ventures and F2 Venture Capital, with participation from Portage Ventures, Global Founders Capital (GFC) and former NBA player Omri Casspi.
The company intends to use the funds to continue to expand operations and its business reach, as well as to strengthen its technology with additional proactive trip support and claim automation capabilities
Faye sets a new standard in a space that has undergone little innovation.
Led by Elad Schaffer, CEO, and Daniel Green, CTO, Faye provides a digital, consumer-centric travel insurance enabling assistance and claims resolutions. The company’s protection can cover travelers’ trips, health, belongings, and pets, all via an app that sends real-time proactive alerts, provides 24/7 access to customer experience specialists, enables users to file claims digitally, and quickly pays for approved claims via electronic transfers to Faye Wallet, its secure payments card that works like Apple Pay and Google Pay. Via Faye Wallet, travelers can also receive speedy reimbursements for travel inconveniences (such as delayed bags and flights) and instantly use funds to purchase what they need most rather than paying out of pocket.
For those that purchase Faye’s travel protection and become ill with COVID-19 pre-trip, there is coverage for their cancellation claims up to their plan’s limit, all subject to the terms of the plan. And if they contract COVID-19 in-trip, there’s coverage for emergency medical expenses and trip interruption/trip delay claims (such as quarantine accommodation, flight changes, prescription drugs and hospitalization). In addition, those taking an international trip are covered for up to $250K in emergency medical expenses if they experience illness or injury in-trip.
The team is comprised of seasoned travel and insurance executives including:
- Jeff Rolander, Director of Claims,
- Moran Treiser, VP of Growth, and
- Lauren Gumport, Director of Communications.
Faye has also put together a board of advisors, including former CEO of Global Travel Insurance at Allianz, Mike Nelson, former VP of Sales at AIG Travel Guard, Rick Ensign, and former President of Generali Travel Assistance, Raija Itzchaki.
FinSMEs
11/05/2022