Topics
Latest
AI
Amazon
Image Credits:Faye / Faye’s Elad Schaffer, co-founder/CEO and Daniel Green, co-founder/CTO
Apps
Biotech & Health
Climate
Image Credits:Faye / Faye’s Elad Schaffer, co-founder/CEO and Daniel Green, co-founder/CTO
Cloud Computing
Commerce
Crypto
endeavour
EVs
Fintech
Fundraising
Gadgets
Gaming
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
security department
Social
Space
Startups
TikTok
Transportation
Venture
More from TechCrunch
event
Startup Battlefield
StrictlyVC
newssheet
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
get through Us
We ’ve been covering U.S.-based insurtech startup Faye right smart back since 2022 with itsseed round , and theSeries Around in 2023 , and it seems they continue to be on a bun , today annunciate a $ 31 million in Series B support . What is keep this online insurance policy company on the boost ?
Well , it would appear to be the path it combines traveling insurance , help while you are away from habitation , and a compass of financial result , packed inside a comprehensive smartphone app . It might be tell that in the manner Lemonade get by to slay a millennian generation with a much sexier - packaged policy program , Faye has been plowing a alike theatre of operations .
Co - founder and CEO Elad Schaffer told TechCrunch that part of the key to its ongoing growth has been its wallet feeler to insurance payouts .
“ The wallet is how we devote claim instantly to your earphone so that you’re able to utilize them like you use your Apple Pay to compensate for thing . of a sudden it becomes your favorite travel notice , where you may enjoy better foreign exchange rate , budget for your trip , rapprochement after your trip , etc . We really want to be the shielder and fellow traveller when you travel . ”
To that extent , Faye offers 24/7 assistance , “ real - time ” stumble monitoring and alerts about the country you are in , vaccinum information , wellness mandates , telemedicine access to Dr. or in - hotel medical visit , plus reimbursements and offers .
Schaffer say the company ’s travel caution is “ designed to aid you get the better of travel hiccough and assure that the misstep goes swimmingly . ”
He continue : “ Most Americans either do n’t buy travel insurance or are just not used to buy traveling insurance policy . … So I would still reason that we are competing with legacy providers like Allianz partners , or AIG . ”
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
Another notable insurtech startup in the space is U.S.-based Battleface , a travel insurance startup that provide implant travel insurance production , which has raised $ 14 million so far .
Faye ’s $ 31 million in Series B was led by Portage , with engagement from Lumir Ventures , along with live investors F2 Venture Capital , Viola Ventures , and Munich Re Ventures .
