Start of comprehensive travel insurance fay raised $8 million in seed funding for its travel insurance app that lets customers file claims digitally.
Viola Ventures and F2 Venture Capital led the round, with participation from Portage Ventures, Global Founders Capital and former NBA player Omri Casspi.
Built amid the COVID-19 pandemic and launched earlier this year, Faye’s protection covers travel, health, personal effects and pets for US travelers. Within the Faye app, travelers can file claims and receive reimbursement through its Faye wallet, which works similarly to Apple Pay and Google Pay, within 48 hours.
The app also sends travelers real-time protection alerts and provides 24/7 customer support.
“Travel insurance has become synonymous with long, jargon-filled policies that leave travelers confused rather than well-informed. The claims process can be slow and bureaucratic, and can be time-consuming and excessively paperwork-intensive,” says the co-founder and CEO of Faye, Elad Schaffer.
“Faye is coming to market as a solution to these issues, at a time when consumers are considering travel more than ever and looking for solutions to take care of themselves on the road. We’re here to meet their growing expectations and transform travel insurance from a forgettable add-on into a must-have benefit that enhances the overall travel experience.
The company says it has seen an influx of customers since its launch, with the majority hoping to understand the product’s COVID-19 coverage, which includes pre-trip and during-trip coverage.
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With the capital injection, the startup plans to recruit talent and strengthen its technology to provide additional travel assistance and claims automation capabilities. It is also looking for new onboard distribution partners, including online travel agencies and travel advisors.
Faye is a graduate of Google’s Growth Lab for Startups, and her team includes former Lemonade employees and former Allianz employees.
Its advisory board includes Mike Nelson, former CEO of Allianz, and Raija Itzchaki, former president of Generali Travel Assistance. Nelson says, “Many companies offer travel insurance, but none have introduced an all-digital experience that eliminates paperwork and hassle. I am confident that the Faye team, with their paperless solution and person-centric mindset, will deliver a superior mobile experience for travellers. »
Faye is currently available on iOS and Android in 40 states with plans to roll out in all 50 states.