Travel insurance startup Faye said it has raised $10 million in series A funding just one year after launching its product in the US, bringing the company’s total funding to $18M.
The round was led by Munich Re Ventures with existing investors Viola Ventures and F2 Venture Capital. Additional investors include Menora Tech and Mike Nelson, former CEO of Global Travel
Allianz Insurance.
Faye said it expects to triple its revenue in 2023 alone, earning millions in premiums in its first year on the market. The company also plans to double its team of travel and distribution advisors
partners that are already in the hundreds.
The funding news comes shortly after the company launched the Travel Advisor Portal, a one-stop-shop where travel advisors and agencies can easily offer, learn and manage travel insurance with Faye. The company also released a newly developed API to enable seamless integration with travel distributors who want to offer a new level of travel protection to their customers, fully integrated into their offerings. .
“Faye’s approach combines travel insurance with real-time assistance, travel alerts, a 24/7 concierge and even financial support,” said Faye co-founder & CEO, Elad Schaffer. “Our role is to help ensure you have a seamless adventure that’s memorable for the right reasons. We’ve created an offer that travelers want to use for a lifetime, so bringing Faye like you are clear to bring your passport. This method works: we continue to see a rapid increase in travelers using Faye, and return for many months – every month.
Growth in travel insurance purchases across the industry is supporting what will be an especially busy summer travel season. Faye said it expects continued consumer frustration – from crowded airports to staff shortages – and thus an increase in travel protection purchases and trust in providers that are far from offering the same. insurance and round-the-clock assistance.
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Mergers and Acquisitions InsurTech Tech Funding
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