Today we’re excited to announce that we have raised $10M in Series A funding, bringing Faye’s total funding to date to $18M.
The round comes just a year after launching our proactive, whole-trip travel insurance which continues to deliver top-notch service and value, resulting in consistent 5-star reviews and many repeat customers traveling with Faye multiple times in under a year.
In that year our team has worked endlessly to introduce new products designed to boost travelers’ peace of mind – from add-ons like Adventure & Extreme Sports to Vacation Rental Damage Protection, to app enhancements like a revamped home screen that provides local destination emergency contact info for those in-trip. We even launched a dashboard for our travel advisors and agencies to manage all of their business with Faye in one easy-to-use, modern space.
Not to mention, we’ve made sure that Faye is available throughout the country, in 48 states and counting, including New York, California, Florida and Texas. Oh, and we also saved a wedding.
In this time, The Wall Street Journal also named Faye one of the best travel insurance companies of 2023. We could go on and on – but the point is, travelers are now packing their bags, their passports and Faye’s coverage and care for their trips time and time again.
This news is an indicator for the entire travel insurance industry which has seen a boom across the board, due in part to the rise in travel disruptions and insecurity, coupled with Americans’ strong appetite to travel.
That’s why we’re not slowing down.
In the coming months, we plan to dedicate this capital injection to fuel growth, develop new insurance offerings, support scale through automation and seamless integrations, and forge new partnerships with top brands and distribution partners.
In the words of our Co-Founder & CEO, Elad Schaffer: “Faye fundamentally views travel insurance differently than the rest. Until Faye, travel insurance was often thought of as a reimbursement service. For us, travel insurance means holistically looking after you when you’re away from home. This approach combines travel insurance with real-time assistance, information, a 24/7 concierge and even financial support. Faye’s 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.”
We look forward to being travelers’ consistent, reliable companion by proactively covering travel inconveniences while protecting their flights, hotels, health, luggage, and even their pets, while providing the best support in the business with a 24/7 team of customer experience specialists who are there for the highs, the lows, and everything in between.
Head here to get your upcoming adventures covered with Faye.