Faye, the Israeli travel insurance startup founded by Elad Schaffer, Daniel Green and Motti Bebchuk, raised a $50M Series C led by Madrona on August 5, 2026, bringing total funding to $100M. Funding, valuation and AI plans.
Faye, the travel insurance company founded by Elad Schaffer, Daniel Green and Motti Bebchuk, raised a $50 million Series C led by Madrona on August 5, 2026, bringing its total funding to $100 million at an estimated $500 million valuation. Schaffer told Calcalist the company generated more than $100 million in revenue last year. Faye has offices in Tel Aviv and Richmond, Virginia.
Last updated: October 31, 2026
What does Faye do?
Faye sells travel insurance and assistance, packaged as a single platform for travelers and travel companies. Through its app, travelers can buy coverage in under a minute, file claims digitally and receive approved refunds in a digital wallet while abroad, according to Calcalist. The platform also offers remote medical consultations with tens of thousands of doctors, eSIM connectivity, airport lounge access, a concierge and flight disruption alerts.
In the United States, Faye works through a B2B2C model, meaning travel agencies, airlines, cruise lines, tourism companies and fintech platforms distribute its products to travelers. Skift reported that the funding will expand partnerships with airlines, hotels and online travel agencies. Schaffer described the company's scope this way: "I take care of everything that happens from the moment you book your flight," which he said covers insurance, assistance and traveler needs.
Who founded Faye?
Faye was founded by Elad Schaffer, the CEO, and Daniel Green, the CTO, with Motti Bebchuk named as a third co-founder in Calcalist's photo caption and a company profile. Faye is the second startup Schaffer and Green founded together, after a platform that used crowdsourced experts to help organizations plan for geopolitical risk, according to Jewish News. Calcalist described Green as a software engineer who has worked in the field since he was 18, and Schaffer as a specialist in business management and law.
The company was first called Zenner, from the word "zen." Sources differ on its founding year. A 2024 Calcalist profile gives 2019, while Calcalist's 2026 funding report says 2022, the year the product launched in the US. Calcalist named Faye its most promising Israeli startup of 2024.
How much has Faye raised?
Faye has raised about $100 million across four rounds, with the August 2026 Series C its largest. The table lists each round from the sources reviewed.
| Round | Date | Amount | Investors named |
|---|---|---|---|
| Seed | May 2022 | $8 million | Viola Ventures and F2 Venture Capital (leads), Portage, Global Founders Capital |
| Series A | May 2023 | $10 million | Not reviewed |
| Series B | July 30, 2024 | $31 million | Not reviewed |
| Series C | August 5, 2026 | $50 million | Madrona (lead), BRM, Portage, F2 Venture Capital, Viola Ventures, Lumir Ventures |
Faye did not disclose its valuation. Calcalist reported an estimate of about $500 million, and Skift cited sources close to the company with the same figure. Schaffer said the company could have raised significantly more but is in a balanced position and approaching profitability. Viola is profiled in the Israeli VC Fund Directory, and recent rounds are tracked in Israeli startup funding mega-rounds.
How big is Faye today?
Faye employs 91 people in Tel Aviv and 88 in the United States, and holds 250 licenses across the US, according to Calcalist's August 2026 report. Roughly half of its employees are now based in a new US center in Richmond, Virginia, which Schaffer said gives access to talent experienced in insurance claims operations. The company expects to hire responsibly and said it has never conducted layoffs while growing.
The revenue figures are company statements. Schaffer said revenue exceeded $100 million last year and kept growing, and trade outlets quoted him saying revenue doubled over the past year. Olam has not seen audited figures, so treat them as reported by the company.
How is Faye using AI on claims?
Faye is using AI to automate claims, and it expects AI systems to resolve more than half of insurance claims on their own by the end of 2026. Schaffer said the company already pays automatic compensation for smaller medical incidents and flight cancellations. The new funding is meant to extend that approach, according to Calcalist, along with international expansion and possible acquisitions of companies in the sector.
Insurance claims are a daily pain point for travelers, who often need cash while still away from home. Faster payouts are therefore central to Faye's pitch to airlines and booking platforms.
Where does Faye fit in Israeli business?
Faye is an Israeli-founded company that sells mainly in the United States, a pattern common among Israeli fintech and insurtech startups. Its research and development stays in Tel Aviv, while its customer operations are moving to Virginia. Olam follows company builders in its hub for Israeli founders and companies and deal flow in Venture and Exits. For the largest deals in the sector see the biggest Israeli exits.
A trade site noted that Faye's identity is split between Israel and the US, with a Tel Aviv office, a Richmond office and an Israeli CEO. Calcalist describes it as an Israeli startup.
בעברית
חברת Faye, שהוקמה על ידי אלעד שפר, דניאל גרין ומוטי בבצ'וק, גייסה 50 מיליון דולר בסבב C בהובלת Madrona ב-5 באוגוסט 2026. סך הגיוסים של החברה מגיע ל-100 מיליון דולר, והערכת השווי נאמדת בכ-500 מיליון דולר, לפי כלכליסט. שפר מסר כי ההכנסות בשנה שעברה עלו על 100 מיליון דולר, נתון שאינו מבוקר. החברה מעסיקה 91 עובדים בתל אביב ו-88 בארצות הברית, ומצפה שמערכות בינה מלאכותית יטפלו ביותר ממחצית התביעות באופן עצמאי עד סוף השנה.
Frequently asked questions
Who founded Faye?
Elad Schaffer (CEO) and Daniel Green (CTO), with Motti Bebchuk named as a third co-founder in Calcalist's caption.
How much did Faye raise in 2026?
$50 million in a Series C announced August 5, 2026, led by Madrona, bringing total funding to $100 million.
What is Faye's valuation?
Faye did not disclose it. Calcalist and Skift report an estimate of about $500 million.
Where is Faye based?
Tel Aviv, Israel, and Richmond, Virginia, with 91 employees in Tel Aviv and 88 in the United States.
Is Faye profitable?
Not yet. Schaffer said the company is approaching profitability.
Sources
- Calcalist: Faye raises $50 million Series C
- Calcalist: Faye raises $31 million Series B
- Calcalist: Most Promising Startups 2024 profile
- Skift on the Series C investors
- Travel Weekly on the funding plans
- Jewish News profile of the founders
- InsuranceNewsNet on the 2022 seed round
Related Olam Coverage
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
