Whole-trip travel insurance startup Faye has scored $8m in its seed round, which was led by Viola Ventures and F2 Venture Capital.
Contributions to the round also came from Portage Ventures, Global Founders Capital (GFC) and former NBA player Omri Casspi.
Faye claims to set a new standard in insurance, with its platform able to cover travelers’ trips, health, belongings, and even their pets. Its app has real-time alerts, provides 24/7 access to customer experience specialists, enables users to digitally file a claim and quickly pays approved claims through electronic transfers.
Through the Faye Wallet, travellers can also receive speedy reimbursements for travel inconveniences, such as delayed bags and flights. The app is available on iOS and Android.
Faye co-founder and CEO Elad Schaffer said, “Travel insurance has become synonymous with lengthy, jargon-filled policies that leave travelers confused rather than well-informed. The claims process can be slow and bureaucratic, and may require a lot of time and excessive paperwork.
“Faye is hitting the market as a solution to these pain points, at a time in which consumers are planning to travel more than ever before and are seeking solutions to look after them while on the road. We’re here to meet their rising expectations and transform travel insurance from a forgettable add-on to a must-have advantage that enhances the entire trip experience.”
This funding round comes hot off the heels of Faye’s launch out of stealth mode last month.
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