The travel startup Faye revealed that it had secured $31 million in Series B fundraising, increasing its total funding to $49 million. Leading the round was Portage, with participation from Munich Re Ventures, F2 Venture Capital, and Viola Ventures, in addition to current investors.
Since releasing its app for use by Americans in 2022, Faye has kept adding features to its package, which now includes travel insurance that offers complete coverage, round-the-clock support, and companionship for any unanticipated events while travelling; real-time trip monitoring and alerts; and quick fintech solutions to facilitate payments, reimbursements, and savings for travel.
Travel aficionados Elad Schaffer (CEO) and Daniel Green (CTO) created their second firm, Faye. With an initial investment from F2 Venture Capital, the company was founded during the COVID-19 period and has grown ever since.
Elad Schaffer, CEO and co-founder of Faye, stated that the company did not urgently need the funding but seized a unique opportunity. “Although we have competition, our competitors are seasoned players, and no other startup is doing anything similar to us. We want to invest much more in our growth. We grew 10 times in annual revenue from March last year to this March. I expect that within two years from now we will reach $100 million in revenue. We wanted to invest heavily in growth, which made it very easy to recruit and fortify our unique position in a market that is a gold mine and has not seen significant progress. Most Americans are not aware of travel insurance, and our competitors haven’t tapped into this field because they don’t understand it.
Faye intends to concentrate on and make investments in additional growth, product development, and business expansion in the insurance, travel, and fintech industries in the upcoming months.
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“We are much more than an insurance company. We are a complete platform for travelers, addressing various problems they may face. We focus on the consumer rather than the business traveler. We aim to solve issues such as finding flights, handling lost passports, arranging transportation to hospitals, informing relatives, and more. Another layer is a financial one; we have a digital wallet to pay claims immediately. I hope it will soon be your means of payment abroad. All the new products complement each other.”
Since its Series A round last year, Faye has improved its platform even further. These improvements include: pre-trip essentials, which let travellers know about vaccinations, health regulations, and even the type of plug to use at each destination; telemedicine access to over 20,000 doctors worldwide, along with the option to schedule in-person visits to your home or hotel when you’re sick while travelling; app recommendations to help you travel like a local; emergency numbers to call, and much more.
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About Faye
Faye, an award-winning travel insurance company, offers whole-trip coverage and industry-leading technologies for smarter, faster, smoother help and claims processes.
