Faye, a travel insurance company that automates claim approvals with AI, said Wednesday it has raised $50 million in Series C funding to expand its partnerships with airlines, hotels, and online travel agencies and scale its automated claims technology.
The round, led by Madrona Ventures, brings Faye’s total funding to $100 million. Sources close to the company valued Faye at about $500 million. Other investors included BRM, Portage, F2 Venture Capital, Viola Ventures, and Lumir Ventures.
Faye sells travel insurance that covers flight disruptions, medical emergencies, and lost baggage — either directly through its app or embedded in a partner’s booking flow.
