Faye, a Los Angeles, CA-based journey insurance coverage startup, raised $8M in Seed funding.
The spherical was led by Viola Ventures and F2 Venture Capital, with participation from Portage Ventures, Global Founders Capital (GFC) and former NBA participant Omri Casspi.
The firm intends to make use of the funds to proceed to develop operations and its enterprise attain, in addition to to strengthen its know-how with extra proactive journey assist and declare automation capabilities
Faye units a brand new normal in an area that has undergone little innovation.
Led by Elad Schaffer, CEO, and Daniel Green, CTO, Faye gives a digital, consumer-centric journey insurance coverage enabling help and claims resolutions. The firm’s safety can cowl vacationers’ journeys, well being, belongings, and pets, all by way of an app that sends real-time proactive alerts, gives 24/7 entry to buyer expertise specialists, permits customers to file claims digitally, and rapidly pays for authorized claims by way of digital transfers to Faye Wallet, its safe funds card that works like Apple Pay and Google Pay. Via Faye Wallet, vacationers can even obtain speedy reimbursements for journey inconveniences (corresponding to delayed baggage and flights) and immediately use funds to buy what they want most reasonably than paying out of pocket.
For people who buy Faye’s journey safety and develop into ailing with COVID-19 pre-trip, there’s protection for his or her cancellation claims as much as their plan’s restrict, all topic to the phrases of the plan. And in the event that they contract COVID-19 in-trip, there’s protection for emergency medical bills and journey interruption/journey delay claims (corresponding to quarantine lodging, flight adjustments, prescribed drugs and hospitalization). In addition, these taking a global journey are lined for as much as $250K in emergency medical bills in the event that they expertise sickness or damage in-trip.
The group is comprised of seasoned journey and insurance coverage executives together with:
- Jeff Rolander, Director of Claims,
- Moran Treiser, VP of Growth, and
- Lauren Gumport, Director of Communications.
Faye has additionally put collectively a board of advisors, together with former CEO of Global Travel Insurance at Allianz, Mike Nelson, former VP of Sales at AIG Travel Guard, Rick Ensign, and former President of Generali Travel Assistance, Raija Itzchaki.