Founded in 2019, Israeli travel insurtech Faye raised $31 mn in Series B funding, bringing its total funding to $49 mn. Portage led the round with participation from Lumir Ventures, F2 Venture Capital, Viola Ventures, and Munich Re Ventures.
Faye aims to grow its revenue fivefold in 2024, serving hundreds of thousands of travelers globally.
Faye focuses on providing comprehensive, person-first travel insurance coverage. They partner with United States Fire Insurance Company to offer a wide range of coverages, including emergency medical expenses, trip cancellations, and baggage protection.
Their services are accessible through an app that allows users to file claims quickly, receive reimbursements to their phone’s wallet, and access 24/7 assistance and telemedicine services.
Faye prides itself on offering whole-trip coverage that includes real-time travel alerts and quick reimbursements, aiming to enhance the travel experience with insurance technology-driven solutions.
In 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, setting a new standard in customer experience and retention
Elad Schaffer, Faye Co-Founder and CEO
“This success results from our focus on delivering top-notch technology and customer care and hiring the best talent. Those traveling with Faye will receive the best insurance experience with our tech-driven coverage and personalized travel and financial solutions. Soon, Faye will be every American’s travel protector and companion,” said Elad Schaffer.
We have followed Faye’s journey from the start and are excited to see the company combine travel and fintech solutions to deliver comprehensive care to travelers
Stephanie Choo, Partner at Portage Ventures
“This market is underserved and holds untapped value. Portage remains bullish on next-generation fintech companies and is excited to back Faye in its mission to become one of the world’s largest platforms for travelers’ needs,” said Stephanie Choo.
