FAYE Series B

Travel startup Faye has raised $31 million in Series B funding, bringing its total capital to $49 million. The funding round, led by Portage Ventures and supported by Lumir Ventures and existing investors, highlights Faye's rapid growth in the travel insurance sector, having increased sales 10X year-over-year. Faye offers a comprehensive app that integrates travel insurance, real-time trip monitoring, telemedicine access, and fintech solutions for payments and reimbursements, aiming to enhance travelers' experiences. CEO Elad Schaffer emphasized the company's goal of becoming a leading travel companion for Americans, especially in a market where awareness of travel insurance is low. With plans to expand its workforce and enhance its platform, Faye seeks to position itself as a key player in addressing travelers' needs globally. Portage Ventures expressed optimism about the untapped market potential in travel insurance, aligning with Faye's innovative approach.