Travel insurer Faye raises $50M in Series C

Henrico County-based travel insurance company Faye announced Wednesday that it has raised $50 million in Series C funding, bringing the company’s total funding to $100 million.

The round was led by Seattle-based investor Madrona, with participation from BRM, an Israel-based evergreen investment fund, according to a news release. Earlier investors Portage, a Canadian global investment platform, and two Israel-based venture capital firms, F2 Venture Capital and Viola Ventures, also participated in the round.

“I’ve spent my career building in travel, and generational founders in this space are rare,” Steve Singh, Madrona’s managing director, said in a statement. “The Faye team is that caliber … I’ve rarely seen a team this well-matched to the moment, and I’m excited to be in their corner.”

CEO Elad Schaffer and Daniel Green founded Faye in 2019. In 2022, the company launched an app designed for American travelers that provides real-time flight alerts, access to telemedicine doctors, the ability to chat with a 24/7 support concierge and file and receive reimbursements.

In 2024, Faye announced it had raised $31 million in Series B funding, bringing the company’s total funding to $49 million in a round led by Portage.

Faye will use the latest capital to accelerate its growth. This includes expansion into new markets, growing partnerships with travel brands and “doubling down on AI” to make underwriting, traveler assistance and claims quicker and “increasingly autonomous,” the news release stated. By year’s end, the company expects AI will resolve more than half of all claims, with 75% of remaining claims completed on first touch.

The investment will also help Faye’s leaders expand travel fintech capabilities, building on the success of the company’s Wallet, a personalized digital card within the Faye app that can be connected to Google Pay and Apple Pay accounts.

“Travelers and travel distributors deserve more than traditional protection — they deserve a platform that anticipates their needs and supports them throughout their journey,” Schaffer said in a statement. “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.”

Schaffer splits his time between Israel and the United States, Jeff Rolander, the company’s vice president of customer experience and claims, told Virginia Business in May.

That month, about 60 Faye employees moved into a 6,100-square-foot office space at Henrico County’s Premier Tech Center, which serves as the company’s U.S. headquarters.

In total, Faye has about 169 employees, according to a spokesperson. The business also has a product and research and development office in Tel Aviv, Israel.

In 2025, Faye announced it had reached $100 million in annual sales. That same year, Time magazine included the company’s travel insurance on its Best Inventions of 2025 list. Additionally, Faye was named one of the 11 Best Travel Insurance Companies of 2026 by U.S. News & World Report.