Journey-focused insurtech firm Faye has obtained a $10m funding in a Sequence A spherical led by Munich Re Ventures, in addition to present traders Viola Ventures and F2 Enterprise Capital.
Different traders, together with Menora Tech and former Allianz International Journey Insurance coverage CEO Mike Nelson, additionally participated within the funding spherical.
The newest spherical raises the overall capital raised to $18m.
This funding follows the launch of Faye’s Journey Advisor Portal, which has been designed to allow journey advisers and companies to supply, perceive and handle journey insurance coverage.
The corporate additionally unveiled a brand new API to facilitate integration with journey distributors who’re keen to supply their purchasers with improved journey safety.
Faye goals to quadruple its income this 12 months and greater than double its journey advisors’ community and distribution companions.
At the moment out there in 48 states within the US, Faye seeks to develop its presence throughout the nation quickly.
The corporate’s safety at present covers travellers’ flights, accommodations, well being, baggage and others by an app that runs each on iOS and Android.
Faye co-founder and CEO Elad Schaffer stated: “Faye essentially views journey insurance coverage in another way. Till Faye, journey insurance coverage was typically regarded as a reimbursement service.
“Faye’s method combines journey insurance coverage with real-time help, journey alerts, a 24/7 concierge and even monetary assist. Our position is to assist guarantee that you’ve got a easy journey that’s memorable for the precise causes.
“We’ve constructed an providing that travellers will wish to use for all times, so bringing Faye alongside is simply as apparent as bringing your passport. This method is working: we proceed to see fast development in travellers utilizing Faye, and coming again for extra – month over month.”