Why We Invested · Madrona
Why the firm invested
Madrona invested because Faye built a superior product in travel insurance and established the foundation to become a broader post-booking traveler platform.
We believe Faye has created the best product in travel insurance today. But more importantly, it has established the foundation to do far more for travelers over time.
Product
Faye offers whole-trip travel insurance covering medical emergencies, cancellations, baggage, and delays, purchasable in under a minute via mobile app.
A single policy covers medical emergencies, trip cancellation and interruption, baggage, and delays, and can be purchased in less than a minute through Faye’s mobile app.
Faye pays approved claims into a digital wallet for immediate use rather than making customers wait weeks for reimbursement.
Rather than making customers wait weeks to be reimbursed, Faye pays approved claims into a digital wallet that can be used immediately.
Faye uses AI across its platform to proactively monitor trips and provide solutions to disruptions automatically.
Faye is also using AI throughout the platform to monitor customers’ trips proactively, understand when something has gone wrong, and provide the right solution, often without the traveler even having to ask.
Faye provides additional trip services including international payments, eSIM connectivity, lounge access, and trip budgeting.
Faye already offers international payments, eSIM connectivity, lounge access, trip budgeting, and other financial and logistical services.
Traction
Faye has served hundreds of thousands of customers, with most actively using the mobile app.
Faye has now served hundreds of thousands of customers, most of whom actively use the app, an extraordinary level of engagement for an insurance product.
Team
Co-founders Elad Schaffer and Daniel Green are building their second company together.
Elad and Daniel are building their second company together, and that experience is evident in how Faye operates.
Business model
Faye has delegated underwriting authority from A+-rated carriers to design products, set prices, select risk, and administer claims directly.
Faye has delegated underwriting authority from A+-rated carriers, allowing the company to design products, set prices, select risk, and administer claims directly.
Investment context
Madrona is leading Faye's Series C funding round.
That is why we are thrilled to announce that Madrona is leading Faye‘s Series C and partnering with Elad Schaffer, Daniel Green, Motti Bebchuk, and the entire Faye team.
What founders can learn
- What actually moved the decision: Madrona wrote that Madrona invested because Faye built a superior product in travel insurance and established the foundation to become a broader post-booking traveler platform.
- The traction evidence that carried weight: Madrona wrote that Faye has served hundreds of thousands of customers, with most actively using the mobile app.
- How the team was judged: Madrona wrote that Co-founders Elad Schaffer and Daniel Green are building their second company together.
- How the model was assessed: Madrona wrote that Faye has delegated underwriting authority from A+-rated carriers to design products, set prices, select risk, and administer claims directly.
Source and provenance
Why We Invested published by Madrona on madrona.com (first-party source). Read the original
