Faye, a New York-based travel insurance startup, announced today that it has raised $10 million in Series A funding. The round was led by Munich Re Ventures, with participation from existing investors Viola Ventures and F2 Venture Capital. Additional investors included Menora Tech and Mike Nelson.
The company intends to use the funds to quadruple its revenue in 2023 and double its pool of travel advisors and distribution partners, which is already in the hundreds.
Faye was founded in 2021 by Elad Schaffer and Daniel Green. The company offers 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.
“We are thrilled to partner with Munich Re Ventures and our other investors to help us scale Faye and make travel insurance more accessible and affordable for everyone,” said Elad Schaffer, CEO and co-founder of Faye. “We believe that travel insurance should be simple, transparent and easy to use, and we are committed to providing the best possible experience for our customers.”
“Faye is a leading player in the travel insurance market and we are excited to support their growth,” said Michael Braun, Managing Director at Munich Re Ventures. “We believe that Faye’s innovative approach to travel insurance will help them to continue to disrupt the industry and provide travelers with the peace of mind they need to enjoy their trips.”
With this funding, Faye is well-positioned to continue its growth and become a leading provider of travel insurance. The company is committed to providing travelers with the best possible protection and experience, and it is excited to see what the future holds.
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