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Travel protection startup Faye raised a $50 million Series C led by Madrona, CEO Elad Schaffer tells Axios Pro exclusively.

Why it matters: There's a lot of tech that helps you book travel, but not a ton that helps you out if things go wrong.

Zoom in: BRM and existing investors Portage, F2 Venture Capital, Viola Ventures and Lumir Ventures joined the new round.

The company will look at acquisitions with the new money, Schaffer says.

The Richmond, Virginia-based startup has surpassed $100 million in annualized revenue and has raised $100 million to date.

How it works: Faye's travel insurance platform offers round-the-clock support and near-instant payouts on travel delays, with AI helping to resolve claims.

The platform also helps users keep track of flights and belongings, and offers other health and financial benefits while traveling.

The cost is typically about 5% of a trip's cost.

What's next: Faye has already been looking at acquisition targets and could add complementary products and other service and payment options, as well as opportunities to expand into new international markets, Schaffer says.

Faye is also hoping to grow partnerships with online travel agencies, airlines, cruise lines and other travel brands.

What they're saying: Faye already works with 180 travel agencies and brands, but could partner with other enterprise companies in the future to help streamline business travel, Madrona partner Chris Picardo says.

The bottom line: Travel hiccups can cause headaches, but getting money fast can help.

Exclusive: Faye raises $50M to grow its travel insurance platform

The startup will look at acquisitions with the new money.

an illustration of a suitcase inside of a life preserver`

Travel protection startup Faye raised a $50 million Series C led by Madrona, CEO Elad Schaffer tells Axios Pro exclusively.Why it matters: There&#x27;s a lot of tech that helps you book travel, but not a ton that helps you out if things go wrong.

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Exclusive: Faye raises $50M to grow its travel insurance platform

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