Travel insurance startup Faye raises $8 million in Seed funding
The Israeli company’s platform covers travelers’ trips, health, belongings, and even their pets, all via an app that sends real-time proactive alerts
Whole-trip travel insurance startup Faye announced on Tuesday that it has raised $8 million in Seed funding, led by Viola Ventures and F2 Venture Capital, with participation from Portage Ventures, Global Founders Capital (GFC), and former NBA player Omri Casspi. The news comes on the heels of the company exiting stealth mode last month to introduce its travel coverage and care offering to American consumers.
Faye’s platform covers travelers’ trips, health, belongings, and even their pets, all via an app that sends real-time proactive alerts, provides 24/7 access to customer experience specialists, enables users to file claims digitally, and quickly pays for approved claims via electronic transfers to Faye Wallet. Via Faye Wallet, travelers can also receive speedy reimbursements for travel inconveniences (such as delayed bags and flights) and instantly use funds to purchase what they need most rather than paying out of pocket.
“Travel insurance has become synonymous with lengthy, jargon-filled policies that leave travelers confused rather than well-informed. The claims process can be slow and bureaucratic and may require a lot of time and excessive paperwork,” said Faye CEO Elad Schaffer, who founded the company with CTO Daniel Green. “Faye is hitting the market as a solution to these pain points, at a time in which consumers are planning to travel more than ever before and are seeking solutions to look after them while on the road. We’re here to meet their rising expectations and transform travel insurance from a forgettable add-on to a must-have advantage that enhances the entire trip experience.”