Faye raises $31 million

Travel insurance startup Faye has raised $31 million in Series B funding, bringing the company’s total funding to $49 million. The round was led by Portage, with participation from Lumir Ventures, along with existing investors F2 Venture Capital, Viola Ventures and Munich Re Ventures.

Founded in 2019, the Israeli startup offers a variety of coverages in partnership with United States Fire Insurance Company.

Faye expects to grow its revenue “fivefold in 2024 alone, serving hundreds of thousands of travelers around the world.”

“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’s 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 travelers throughout their entire journey. Those hitting the road with Faye will receive the best insurance experience with our tech-driven holistic coverage and care that enables smarter and smoother trips through personalized travel and financial solutions. Soon, Faye will be every American’s travel protector and companion.” – Faye Co-Founder & CEO, Elad Schaffer.

“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 travelers. This is an underserved and often overlooked market with untapped value to capture. Portage remains bullish as ever on the next generation of fintech companies and we are excited to back the team in their journey to build Faye into one of the world’s largest platforms dedicated to looking after travelers’ needs.” – Stephanie Choo, Partner, Portage Ventures.