Travel insurance startup Faye announced it has raised $31 million
in Series B funding, bringing the company’s total funding to $49 million.
The round was led by Portage, a global investment platform,
along with contributions from Lumir Ventures, F2 Venture Capital, Viola
Ventures and Munich Re Ventures, which also led the company’s Series
A funding in 2023 that raised $10 million.
Since then, Faye has made additional improvements to its platform, including pre-trip essentials so travelers know vaccine and health
mandates, telemedicine access to doctors worldwide, app recommendations and
emergency numbers.
Since
launching its travel insurance app in 2022, Faye has continued to offer new
developments such as faster claim resolutions, 24/7 assistance, real-time trip
monitoring and fast fintech solutions to enable payments, reimbursement and
savings for trips.
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Along with their new enhancements, the company said it plans to grow its United States headquarters
in Virginia and build out its existing offices in New York, Florida and
California.
“We are
excited to move into a new phase of growth, creating a robust platform for
looking after travelers throughout their entire journey,” Faye co-founder and CEO Elad Schaffer said. “Those hitting the road
with Faye will receive the best insurance experience with our tech-driven
holistic coverage and care that enables smarter and smoother trips through
personalized travel and financial solutions.”
Stephanie Choo, partner at Portage Ventures, added, “This
is an under-served and often overlooked market with untapped value to capture.
Portage remains bullish as ever on the next generation of fintech companies, and
we are excited to back the team in their journey to build Faye into one of the
world’s largest platforms dedicated to looking after travelers’ needs.”
