PetTech start-up Lassie raises 23 million euros in Series B round

Lassie is capitalizing on the trend of the growing pet market in Europe, ushering in a new era in pet insurance.

Swedish pet insurance start-up Lassie, which focuses on preventative pet health, has secured €23 million in its latest Series B funding round. Balderton Capital led the investment with support from existing investors such as Felix Capital, Inventure, Passion Capital and Philian (H&M Chair Karl-John Persson). In total, the investment in the start-up amounts to 36.5 million euros.

The fresh capital will be strategically invested in the further development of the products, such as the sale of health products within the app, the expansion of the IT and project teams and the upcoming international launch.

Our four-legged family members are one of the most precious things in our lives - they give us love, companionship and happiness. In return, we want to ensure that they have a long, happy and, above all, healthy life.

Hedda Båverud Olsson, Co-Founder and CEO Lassie

Lassie, founded in 2021 by Hedda Båverud Olsson, Sophie Wilkinson and Johan Jönsson, is characterized by an innovative approach to pet insurance. Instead of just offering financial security in the event of illness, the company focuses on prevention through individually tailored app courses and advice, developed in collaboration with veterinarians.

With 60,000 users already, almost half of whom are in Germany, Lassie has seen a significant increase. In Germany in particular, where the company has been active since January 2023, it is growing 200% faster than in its home market of Sweden. The platform offers insurance cover for over 400 dog and 200 cat breeds.

In our view, the insurance market has long been ripe for technological disruption. But the barrier to entry is high and scaling is difficult.

Rob Moffat, Partner at Balderton

Pet insurance is undergoing a revolution thanks to Lassie's innovative approach. Conventional policies primarily cover veterinary costs in the event of illness, but the process is often complicated and lacks transparency. Lassie, on the other hand, focuses on proactive support for pet owners. The app not only offers insurance products, but also a wealth of online courses, videos and articles on various pet care topics.

Pets are playing an increasingly important role in European households, especially after the rise in pet adoptions during the Covid-19 pandemic. This trend is also reflected in spending: every year, pet owners collectively invest €23.5 billion in services, food, accessories and insurance.

Driven by its own precautionary approach, the Lassie team has built a close digital-first relationship with its customers. Lassie thus has a real platform to go far beyond insurance services.

Magda Lukaszewicz, Principal at Balderton

Within the next 12 months, Lassie plans to expand into other European markets and extend its range of services, including the development of AI to support claims processing and improve personalization. The vision: not just to insure pets, but to actively promote their health and quality of life.