Travel insurtech start-up Faye has raised US$10m in Series A funding, a year after launching its product to the US market. The latest funding round takes the total investment in Faye up to $18m.
The Series A funding round in Faye was led by Munich Re Ventures, alongside existing Faye investors Viola Ventures and F2 Venture Capital. New investors include Menora Tech and the former CEO of Global Travel Insurance at Allianz, Mike Nelson.
News of this latest round of funding comes after Faye claims its travel insurance product has delivered “unmatched value” for customers travelling from the US, citing widespread adoption and consistent five-star review ratings.
In addition, funding in Faye comes as the insurtech expects to quadruple its revenue in 2023, after earning millions in premiums in its first year in the US market.
With its new investment at hand, Faye plans to double its pool of travel advisors and distribution partners.
Innovation drives investment
Furthermore, the closing of this latest Series A round comes soon after Faye launched its Travel Advisor Portal – a one-stop-shop solution where customers can receive travel advice, and connect with agencies while learning about and managing travel insurance policies.
Faye has also launched an embedded insurance solution, with its newly-developed API able to integrate with travel distributors wishing the partner with the burgeoning insurtech.
Elad Schaffer, Co-Founder & CEO of Faye, says: "Faye fundamentally views travel insurance differently. Until Faye, travel insurance was often thought of as a reimbursement service. Faye's approach combines travel insurance with real-time assistance, trip alerts, a 24/7 concierge, and even financial support.
“Our role is to help ensure that you have a smooth adventure that's memorable for the right reasons. We've built an offering that travelers will want to use for life, so bringing Faye along is just as obvious as bringing your passport. This approach is working: we continue to see rapid growth in travelers using Faye, and coming back for more - month over month."