Faye raises $8 million
Travel insurance startup Faye has raised $8 million in a seed funding round led by Viola Ventures and F2 Venture Capital, with participation from Portage Ventures, Global Founders Capital, and former NBA player Omri Casspi.
Faye’s product, underwritten by United States Fire Insurance Company (a Crum & Forster company), can cover travelers’ trips, health, belongings, and their pets.
Aside from insurance, Faye offers additional services through its app such as flight tracking as well as 24/7 access to customer experience specialists.
“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. 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.” – Faye co-founder and CEO Elad Schaffer.