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Faye raises USD 10 million in Series A funding
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May 23, 2023
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InsurTech: Personal Lines

InsurTech: Personal Lines

View industry hub
May 23, 2023

Faye raises USD 10 million in Series A funding

Funding

  • Faye, a digital travel insurance provider, raised USD 10 million in a Series A funding round led by Munich Re Ventures with participation from existing investors Viola Ventures and F2 Venture Capital and additional investors such as Menora Tech and Mike Nelson (former CEO of Global Travel Insurance at Allianz). The total funds raised by the company now stand at USD 18 million.

  • The company plans to utilize the funds to double its pool of travel advisors and distribution partners and quadruple its revenue in 2023.

  • The funding news follows the launch of its Travel Advisor Portal in March 2023. This allows travel advisors and agencies to learn, offer, and manage travel insurance with Faye. Additionally, it released an API to offer an embedded travel insurance that seamlessly integrates with travel distributors.

  • Since its launch in 2023, Faye has added new coverage add-ons including adventure and extreme sports and vacation rental damage protection. Its services are currently available in 48 states, including New York, California, Florida, and Texas, with plans to be available nationwide soon.

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