Travel Insurtech Faye Raises $10M in Series A Funding
Summary
You can now listen to Insurance Journal articles!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 companys 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 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.Fayes 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 thats memorable for the right reasons. 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.