Travel insurance startup Faye 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 launching its travel insurance app in 2022, Faye has continued to update its platform to offer worldwide telemedicine services, destination vaccine and health mandates, faster claim resolutions, 24/7 assistance, real-time trip monitoring and fintech solutions for payments, reimbursement and savings for trips.
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With this funding, the company said it plans to scale its operations across insurance, travel and fintech products and 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.”
Faye also said it is looking to create new partnerships with brands, travel agencies and distribution partners.
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.”