Travel insurance startup Faye this week announced it has raised $10 million in Series A funding just a year after launching its product in the U.S., bringing the company’s total funding to $18 million. The round was led by Munich Re Ventures, along with existing investors Viola Ventures and F2 Venture Capital. Additional investors include Menora Tech and Mike Nelson, the former CEO of global travel insurance at Allianz.
The funding news comes shortly after the company launched its Travel Advisor Portal, a one-stop-shop where travel advisors and agencies can easily offer, learn about and manage travel insurance with Faye. In addition, the company released a newly developed API to enable integration with travel distributors who wish to offer travel protection to their customers, fully embedded into their offerings.
The company additionally plans to more than double its pool of travel advisors and distribution partners. In the coming months, the company says it will also dedicate this capital to develop new insurance offerings, support scale through automation and integrations, and forge new partnerships with top brands and distribution partners.
The insurtech company has made additional enhancements to its offering since its initial launch, releasing new coverage add-ons, including “Adventure & Extreme Sports” and “Vacation Rental Damage Protection.” Now available in 48 states, including New York, California, Florida and Texas, Faye plans will soon be available nationwide.
Faye’s protection can cover travelers’ flights, hotels, health (including pre-existing conditions), luggage, and even pets—all via an app on iOS and Android that sends real-time proactive alerts, provides 24/7 access to customer experience specialists, enables users to file claims digitally, and pays for approved claims via electronic transfers to Faye Wallet, its digital debit card that can be added to Apple Wallet or Google Wallet. Travelers can also receive speedy reimbursements for travel inconveniences (such as delayed bags and flights) and instantly use funds to purchase what they need most rather than paying out of pocket.
Learn more at www.withfaye.com.