The new round brings the total amount of funding received by Faye to $18 million. The funding will be used in the coming months to ‘fuel growth, develop new insurance offerings, support scale through automation and seamless integrations, and forge new partnerships with top brands and distribution partners’.
Existing Faye investors such as Viola Ventures and F2 Venture Capital were also present in the round, as were additional investors such as Menora Tech, and Mike Nelson, former CEO of Global Travel Insurance at Allianz.
The news comes three months after Faye launched its Travel Advisor Portal, which it describes as a ‘one-stop-shop’ for travel advisors and agencies to ‘learn about and manage travel insurance’. Faye also recently launched an application program interface (API), which will allow travel distributors to offer embedded coverage as part of their booking process.
“With the end consumer in mind, Faye provides transparent, digitally-integrated full coverage, and a real-time approach to managing the many potential hiccups that can happen on a trip,” said Sidra Ahmed, Investment Director for Munich Re Ventures, and a new member of Faye’s board of directors. “Faye has successfully married the worlds of travel, insurtech and fintech to seamlessly enable consumers to protect their travel investments.”