Faye, a Richmond, Va.-based travel tech startup, raised $31m in Series B funding.
The round, which brought total funding to $49m, was led by Portage, with participation from Lumir Ventures, along with existing investors F2 Venture Capital, Viola Ventures and Munich Re Ventures.
The company intends to use the funds to accelerate growth, develop new products and scale its operations across its insurance, travel and fintech offerings, grow its U.S. headquarters in Virginia and build out its existing offices in New York, Florida and California.
Founded by Elad Schaffer (CEO) and Daniel Green (CTO), Faye provides a travel insurance app that offers comprehensive coverage and enables fast claims resolutions; 24/7 assistance and companionship for anything that can go wrong in-trip; real-time trip monitoring and alerts as well as fast fintech solutions to enable payments, reimbursements and savings for trips.
Faye has made additional enhancements to its platform since its Series A round last year, including: pre-trip essentials so travelers know the vaccine, health mandates and even plug type per destination; telemedicine access to over 20K doctors worldwide along with the ability to schedule in-person, home or hotel visits when you’re unwell in-trip; app recommendations to travel like a local; emergency numbers to access and much more.
The company expects to grow its revenue fivefold in 2024 alone, serving hundreds of thousands of travelers around the world. Simultaneously, Faye is focused on signing new partnerships with brands, travel agencies and distribution partners.
FinSMEs
30/07/2024