Faye, an Israeli travel insurance startup, announced today a successful Series A fundraising round that added $10 million to its coffers, taking the total capitalization to $18 million.
Munich Re Ventures led the fundraising and was joined by current investors Viola Ventures and F2 Venture Capital, with new investments coming from Menora Tech and Mike Nelson, ex-CEO of Global Travel Insurance at Allianz.
Faye’s insurance app offers comprehensive coverage for travelers, including air travel protection, hotel accommodations, health concerns (including pre-existing conditions), luggage, and even pets.
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You can conveniently file claims digitally through the app, and once approved, your reimbursements will be swiftly transferred to your Faye Wallet. This digital debit card can seamlessly integrate into either Apple Wallet or Google Wallet for easy financial transactions.
Founded in 2019 by CEO Elad Schaffer, his second venture, and Daniel Green, the CTO. The company has set ambitious growth targets, anticipating a fourfold increase in its 2023 revenue after amassing millions in premiums during its inaugural year on the market. Additionally, Faye has plans to significantly expand its existing network of travel advisors and distribution partners, currently numbering in the hundreds.
The funding announcement arrives on the heels of Faye unveiling its Travel Advisor Portal. This platform allows travel advisors and agencies to propose, comprehend, and administer travel insurance via Faye. The company also launched a freshly developed API to provide seamless integration with travel vendors keen to offer enhanced travel protection to their customers.
CEO Elad Schaffer said: “Faye fundamentally views travel insurance differently. Until Faye, travel insurance was often thought of as a reimbursement service. Faye’s approach combines travel insurance with real-time assistance, trip alerts, a 24/7 concierge and even financial support,” said Schaffer.
“Our role is to help ensure that you have a smooth, memorable adventure for the right reasons. We’ve built offering travelers will want to use for life, so bringing Faye along is just as obvious as bringing your passport. This approach is working: we continue to see rapid growth in travelers, and coming back for more – month over month.”
