Travel insurance startup Faye said it raised $10 million in series A funding just a year after launching its product in the U.S., bringing the company’s total funding to $18M.
The round was led by Munich Re Ventures along with existing investors Viola Ventures and F2 Venture Capital. Additional investors include Menora Tech and Mike Nelson, former CEO of Global Travel
Insurance at Allianz.
Faye said it expects to quadruple its revenue in 2023 alone, having earned millions in premiums in its first year in the market. The company also plans to more than double its pool of travel advisors and distribution
partners which is already in the hundreds.
The funding news comes shortly after the company launched its Travel Advisor Portal, a one-stop-shop where travel advisors and agencies can easily offer, learn about and manage travel insurance with Faye. The company also released a newly developed API to enable seamless integration with travel distributors who wish to offer a new level of travel protection to their customers, fully embedded into their offerings.
“Faye’s approach combines travel insurance with real-time assistance, trip alerts, a 24/7 concierge and even financial support,” said Faye co-founder & CEO, Elad Schaffer. “Our role is to help ensure that you have a smooth adventure that’s memorable for the right reasons. We’ve built an offering that 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 using Faye, and coming back for more – month over month.”
The boom in travel insurance purchases across the industry supports what will be an incredibly busy season of summer travel. Faye said it anticipates continued consumer frustration – from crowded airports to staff shortages – and thus an increase in trip protection purchases and reliance on providers that go the distance to offer both insurance and around-the-clock assistance.
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