Faye, a US-based travel insurance start-up, has secured $31m in a Series B funding round led by Portage.
The funding round saw participation from Lumir Ventures, as well as continued support from existing investors F2 Venture Capital, Viola Ventures and Munich Re Ventures.
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Faye is engaged in offering travel insurance coverage that is said to include features such as smarter and faster claims resolutions, 24/7 assistance, real-time trip monitoring with alerts, and fintech solutions for payments and reimbursements.
Faye’s growth plans include a fivefold revenue increase in 2024, aiming to serve hundreds of thousands of travellers worldwide.
In line with its expansion strategy, Faye is actively seeking new partnerships with leading brands, travel agencies and distribution partners to offer consumers a tech-powered travel experience.
The fresh capital will be utilised to fuel growth, develop new products, and scale operations across its insurance, travel and fintech services.
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By GlobalDataThe company also plans to invest in its US headquarters in Virginia and enhance its offices in New York, Florida and California.
Faye’s protection plans cover various aspects of travel including flights, hotels, health (even pre-existing conditions), luggage and pet care.
Faye co-founder and CEO Elad Schaffer: “In just two years Faye has become the most-loved, fastest-growing and highest-rated company in our space. Our sales have grown 10x year-over-year while setting a new standard on customer experience and retention.
“That is no small feat, and is a result of our relentless focus on delivering the best technology and highest level of customer care, coupled with our commitment to hiring the best talent out there. We are excited to move into a new phase of growth, creating a robust platform for looking after travellers throughout their entire journey.”
Portage Ventures partner Stephanie Choo said: “We have been following Faye’s journey from the beginning and are excited to see the company marry both travel and fintech solutions in order to deliver holistic care to travellers. This is an underserved and often overlooked market with untapped value to capture.”
Since its $10m Series A funding in May, Faye said it has introduced several platform enhancements such as pre-trip essentials information, telemedicine access to more than 20,000 doctors globally and local travel app recommendations, among other features.
