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AI-Powered Travel Insurance Startup Faye Secures $10 million Series A

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StartupHub.ai Staff

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AI-Powered Travel Insurance Startup Faye Secures $10 million Series A

Digital-first travel insurance startup, Faye (Zenner Insurance), has announced a Series A funding round of $10 million, led by Munich Re Ventures, with contributions from existing investors Viola Ventures and F2 Venture Capital, who the led the startup's Seed round last year for $8 million. The round includes new investors: Menora Tech and Mike Nelson, former CEO of Global Travel Insurance at Allianz.

Faye's digital platform enables customers to secure their trips in 60 seconds, receive real-time flight alerts, file claims, and access a team of travel support experts 24/7.

The startup expects to quadruple its revenue in 2023. Faye is available in 48 states, and plans to expand nationwide. They've also released additional insurance coverage add-ons, including Adventure & Extreme Sports and Vacation Rental Damage Protection.

The funding announcement coincides with the launch of Faye's Travel Advisor Portal, a comprehensive platform where travel advisors and agencies can easily offer, learn about, and manage travel insurance.

The startup was founded in 2019 by co-founders Elad Schaffer, CEO, and Daniel Green, CTO. The latest funding round brings the startup's total funding to $18 million.

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StartupHub.ai Staff

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The staff writers of StartupHub.ai, ranging from investment analysts to avid AI tool users, early adopters and critical enthusiasts. Backgrounds span engineering, business and the arts. We hold every piece to rigorous standards of research and review.