A local insurance technology firm has just scored one of the biggest local startup capital raises in recent memory. 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. 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 the company plans to grow its headcount, yet noted that that is not a specific goal with the $50 million raise. Faye previously raised roughly $31 million from investors in 2024, $10 million in 2022 and $8 million in 2021.