Travel protection platform Faye has announced Series C funding of $50 million.
The investment was led by Madrona, with participation from BRM and existing investors Portage, F2 Venture Capital, Viola Ventures and Lumir Ventures. The round brings Faye’s total funding to $100 million.
U.S.-based Faye will use the capital for expansion into new markets, partnership and further investment in artificial intelligence (AI) to “make underwriting, traveler assistance and claims faster, smarter and increasingly autonomous.”
The company, a PhocusWire Hot 25 Travel Startup for 2025, said that by the end of 2026, it anticipates AI will resolve more than half of all claims.
Faye also plans to use the funds to expand its travel fintech capabilities, which help travelers manage money while traveling.
“Travelers and travel distributors deserve more than traditional protection—they deserve a platform that anticipates their needs and supports them throughout their journey,” said Elad Schaffer, co-founder and CEO of Faye.
“Over the past year, we’ve done just that while also doubling our revenue and strengthening our position as the leader in AI-powered travel protection. This milestone represents our commitment to continuing that innovation, expanding globally and building the future of travel care for millions of travelers and partners worldwide.”
“I’ve spent my career building in travel, and generational founders in this space are rare. The Faye team is that caliber,” said Steve Singh, managing director of Madrona.
“Travel is finally being rebuilt around the traveler, and Faye is emerging as the brand people reach for to take care of all their needs before, during and after their trip. I’ve rarely seen a team this well-matched to the moment, and I’m excited to be in their corner.”
Faye announced $31 million in Series B funding in July 2024 and secured $10 million in Series A in 2023.
