Travel startup Faye announced it has raised $31M in Series B funding, bringing the company’s total funding to $49M. The round was led by Portage, with participation from Lumir Ventures, along with existing investors F2 Venture Capital, Viola Ventures and Munich Re Ventures.
Since launching its award-winning app to American travelers in 2022, Faye has continued to expand its offering to where it is today: travel insurance that provides comprehensive coverage and enables smarter, faster claims resolutions; 24/7 assistance and companionship for anything that can go wrong in-trip; real-time trip monitoring and alerts as well as fast fintech solutions to enable payments, reimbursements and savings for trips.
Faye Co-Founder & CEO, Elad Schaffer: “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.”
Ever since its debut, the company has enjoyed consistent 5-star reviews from travelers and was named a top travel insurance provider by The Wall Street Journal.
Faye expects to grow its revenue fivefold in 2024 alone, serving hundreds of thousands of travelers around the world. Simultaneously, the company is focused on forging new partnerships with top brands, travel agencies and distribution partners looking to provide consumers with a tech-powered, modern and delightful travel experience.
Stephanie Choo, Partner, Portage Ventures: “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,” says Choo, who has joined Faye’s board of directors. “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.”
Faye has made additional enhancements to its platform since its Series A round last year, including: pre-trip essentials so travelers know the vaccine, health mandates and even plug type per destination; telemedicine access to over 20K doctors worldwide along with the ability to schedule in-person, home or hotel visits when you’re unwell in-trip; app recommendations to travel like a local; emergency numbers to access and much more.
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