Travel-focused insurtech company Faye has obtained a $10m investment in a Series A round led by Munich Re Ventures, as well as current investors Viola Ventures and F2 Venture Capital.
Other investors, including Menora Tech and former Allianz Global Travel Insurance CEO Mike Nelson, also participated in the funding round.
The latest round raises the total capital raised to $18m.
This investment follows the launch of Faye’s Travel Advisor Portal, which has been designed to enable travel advisers and agencies to offer, understand and manage travel insurance.
The company also unveiled a new API to facilitate integration with travel distributors who are willing to provide their clients with improved travel protection.
Faye aims to quadruple its revenue this year and more than double its travel advisors’ network and distribution partners.
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Currently available in 48 states in the US, Faye seeks to expand its presence across the country soon.
The company’s protection currently covers travellers’ flights, hotels, health, luggage and others through an app that runs both on iOS and Android.
Faye co-founder and CEO Elad Schaffer said: “Faye fundamentally views travel insurance differently. Until Faye, travel insurance was often thought of as a reimbursement service.
“Faye’s approach combines travel insurance with real-time assistance, trip alerts, a 24/7 concierge and even financial support. Our role is to help ensure that you have a smooth adventure that’s memorable for the right reasons.
“We’ve built an offering that travellers will want to use for life, so bringing Faye along is just as obvious as bringing your passport. This approach is working: we continue to see rapid growth in travellers using Faye, and coming back for more – month over month.”