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.