News | 2 min read
Insurance technology company Faye announces $50M capital raise
August 10, 2026
A local insurance technology firm has just scored one of the biggest local startup capital raises in recent memory.
Faye, a travel insurance app, announced Wednesday that it had secured a $50 million cash infusion from investors.
Completed in recent weeks, the raise brings Faye’s total investor funding to $100 million since its founding in 2022, and is the company’s largest funding round to date.
The latest round was led by Seattle, Washington-based venture capital firm Madrona, with participation from BRM and existing investors Portage, F2 Venture Capital, Viola Ventures and Lumir Ventures.
Faye CEO and co-founder Elad Schaffer said the funds will be used for the company’s continued expansion into AI as well as growth beyond the U.S. market and for advancements around how the company manages claims and the app’s user experience.
Schaffer told BizSense he thinks the latest capital raise is creating a “line in the sand between what used to be a startup and now is a scale-up” for Faye.
Through its app, Faye offers travel insurance, claim filing, travel reimbursements and real-time assistance for travel issues and access to telemedicine professionals when customers are abroad.
Among other features, the app alerts customers to things like flight delays or changes and helps with financial solutions for travelers related to things like foreign exchange fees.
With customers in the “millions,” Schaffer said the company reached $100 million in annualized revenue last year.
The $50 million raise has been closed for a few weeks, though Faye announced it Tuesday, after a “fairly quick turnaround” of a few weeks between going out to raise and closing, Schaffer said.
Schaffer said Faye received a few offers from prospective investors before electing to work with Madrona, a firm founded in 1995 with an early investment in Amazon. The firm has also been an early investor in companies including Snowflake and Redfin.
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