Swedish digital pet insurer, Lassie, has successfully raised €23 million in its Series B funding. The financing round was spearheaded by Balderton Capital, with participation from existing investors such as Felix Capital, Inventure, Passion Capital, and Philian (backed by H&M Chair Karl-John Persson).
According to reports, Lassie, which is also the world’s first preventive pet insurance ecosystem, has now raised a total €36.5 million in fuinding. The capital secured in the Series B round are earmarked for the expansion and enhancement of Lassie’s innovative ecosystem.
The company plans to introduce new features, including the in-app sale of health products for pets, and aims to strengthen its technological and product teams. Additionally, Lassie aims to build on its current momentum in Germany and Sweden while strategising for its next international launch.
Lassie’s journey began in 2021 when co-founder and CEO Hedda Båverud Olsson, drawing inspiration from a childhood surrounded by a veterinarian parent dedicated to preventive pet care, embarked on a mission to transform the pet insurance landscape.
Alongside insurance expert Sophie Wilkinson and technology lead Johan Jönsson, the team launched Lassie in its home country of Sweden.Already making significant strides in Sweden and Germany, Lassie is experiencing a remarkable 200% growth rate in Germany since its January launch earlier this year. With over 60,000 customers, spanning more than 400 dog breeds and 200 cat breeds, Lassie is proving its prowess in the dynamic pet insurance market.
In a sector that has seen limited innovation, Lassie distinguishes itself by offering bespoke insurance products complemented by coaching for pet owners. The Lassie app provides a wealth of resources, including online courses, videos, and articles, guiding owners on various aspects of pet care, from nutrition to stress reduction.
Completion of these courses not only empowers owners with knowledge but also rewards them with lower premiums (ranging from €25 to €50 cheaper annually) and points for Lassie’s in-app store.With pet ownership on the rise across Europe, Lassie enters the market at a pivotal moment. Nearly half of all European households (46%) own a pet, and attitudes toward pets as family members are evolving rapidly.
The surge in pet ownership, coupled with changing perceptions, has resulted in a €23.5 billion annual expenditure on pet-related services and products.Looking ahead, Lassie plans to capitalize on this growth by expanding to another European country within the next 12 months. The company also aims to advance its product offerings, focusing on the development of generative AI to streamline claims processing and strengthen its personalisation engine, ultimately supporting more pet owners in keeping pets healthy.
Speaking about the recent fund raise, Hedda Båverud Olsson, co-founder and CEO, said: “Our four-legged family members are some of the most valuable parts of our lives – they provide love, companionship and happiness. In return, we want to ensure that they have long, happy, and most importantly, healthy lives. This is what we set out to do with Lassie by empowering owners to have all the resources at their fingertips to provide their pets with the care they deserve as well as bespoke insurance should the worst happen. We’re proud of everything we’ve achieved so far but we know there is still much more work to be done and we’re delighted to have the support of Balderton, to help us as we grow further.”
Rob Moffat, Partner at Balderton, also commented, saying: “We’ve long been passionate about the potential for technological disruption in insurance. However, it is a really hard sector to break into and scale up in, with challenges around underwriting, marketing costs and claims operations. As a result, we have been highly selective in our investing and Lassie is our first new insurance investment in the last five years. Hedda and the Lassie team have made it look easy. Lassie’s deep expertise, focus, efficiency and leadership in the space are unparalleled and we’re delighted to be supporting the team on this next phase of growth.”
Magda Lukaszewicz, Principal at Balderton, added: “I’ve been keeping an eye on Lassie ever since their founding. The team’s execution is remarkable and they’ve hit metrics we have not seen before in pet insurance. They have a close, digital-first, relationship with the consumer-driven by their preventive health offering, giving Lassie a real platform to go beyond insurance.”
