Travel insurance tech startup, Faye has raised $31 million in Series B funding, bringing its total funding to $49 million.
The funding round was led by Portage, with contributions from Lumir Ventures, F2 Venture Capital, Viola Ventures, and Munich Re Ventures.
Since the launch of its app in 2022, Faye has been targeting improved travel insurance by offering comprehensive coverage, rapid claims resolutions, 24/7 assistance, real-time trip monitoring, and fintech solutions for payments and reimbursements.
Among its features, Faye’s platform offers pre-trip essentials, telemedicine access, emergency contacts, digital claim filing, and swift reimbursements via the Faye Wallet. The service covers flights, hotels, health, luggage, and even pets.
Co-Founder and CEO Elad Schaffer stated, “In just two years, Faye has become the most-loved, fastest-growing, and highest-rated company in our space. We are excited to move into a new phase of growth, creating a robust platform for looking after travelers throughout their entire journey.”
As part of its growth plans, the company is looking to form new partnerships and expand its U.S. headquarters and other offices.
Portage Ventures’ Partner Stephanie Choo added: “We are excited to back Faye in their journey to build one of the world’s largest platforms dedicated to looking after travelers’ needs.”
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