Faye, a New York-based travel insurance startup, raised $10M in Series A funding.
The round, which brought the total amount to $18M, was led by Munich Re Ventures along with existing investors Viola Ventures and F2 Venture Capital. Additional investors included Menora Tech and Mike Nelson.
The company intends to use the funds to to quadruple its revenue in 2023 and double its pool of travel advisors and distribution partners, which is already in the hundreds.
Co-founded by Elad Schaffer (CEO) and Daniel Green(CTO), Faye is a travel insurance app that enables people to protect their trips, receive real-time flight alerts, file-claims, speak to a team of travel support experts 24/7 and more. The protection can cover travelers’ flights, hotels, health (including pre-existing conditions), luggage, and even their pets.
The company also enables users to receive payments for approved claims via electronic transfers to Faye Wallet, its digital debit card that can be added to Apple Wallet or Google Wallet.
The funding news follows the launch of the Travel Advisor Portal, a one-stop-shop where travel advisors and agencies can offer, learn about and manage travel insurance with Faye. In addition, the company released a newly developed API to enable integration with travel distributors who wish to offer a new level of travel protection to their customers, fully embedded into their offerings.
Now available in 48 states, including New York, California, Florida and Texas, Faye plans will soon be available nationwide.
FinSMEs
23/05/2023