Stockholm-based Lassie has secured $75 mn in Series C funding to expand its prevention-led pet insurance model across Europe.
The round ranks among the largest European insurtech raises of the past year. Balderton Capital, Felix Capital, Inventure, Passion Capital and Stena Sessan participated, bringing total funding to $120m.
The company operates in Sweden, Germany and France and covers about 250,000 pets, roughly one million paws. It reports about $100 mn in annual recurring revenue and daily engagement near 25%, compared with an industry norm of 8-9%. Growth follows two years of steady market launches and deeper localisation strategies.
Veterinary costs across Europe continue to climb as pet ownership rises. More than 90% of European owners now consider pets family members.
The global pet insurance market is projected to reach about $80 bn by 2033, while the broader pet care market could approach $428 bn by 2032.
Traditional insurers step in after illness or injury. Lassie positions itself earlier in the cycle.
Founded by Hedda Båverud Olsson, Sophie Wilkinson and Johan Jönsson, the company combines insurance underwriting with digital daily-care tools.
The app lets customers submit claims, monitor health data and earn rewards for preventive actions. According to Beinsure analysts, prevention-led models shift loss frequency over time, though underwriting discipline still decides margin stability.
Pet parents don’t just want reimbursements – they want help keeping their pets healthy. This round enables us to accelerate our growth and expand our prevention-first offering to even more pet parents.
Hedda Båverud Olsson, Lassie CEO and co-founder
“We’ve shown we can build outstanding insurance products and then scale them market by market. The key is deep localisation paired with a unique pricing model that combines real-time data with a preventive approach, and we’re excited to repeat this across more European markets,” Hedda Båverud Olsson said.
In 2023, Lassie has raised €23 mn in its Series B funding. The financing round led 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).
Lassie, which is also the world’s first preventive pet insurance ecosystem, has now raised a total €36.5 mn 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.
Automation anchors the operating model. In Germany, roughly 60% of claims run end to end in about six minutes.
Customers upload a photo of a veterinary invoice and receive near-instant reimbursement for straightforward treatments.
AI supports about 90% of total claims volume across markets, and also informs pricing, customer service workflows and marketing analytics.
Lassie says engagement drives differentiation. Users interact with care guides, activity tracking and gamified rewards on a daily basis.
The company reports two to three times more activity than competitors. Higher engagement feeds richer data sets, which refine risk selection and personalise pricing.
Olsson cites her upbringing around veterinary practice as early motivation to build a preventive ecosystem rather than a reimbursement product.
Wilkinson brought sector expertise in pet insurance. Jönsson, previously at Spotify and Klarna, translated the concept into a scalable platform architecture.
The company states 70% of its team are women, representing more than 10 nationalities.
New capital will fund market entries and deeper AI development. Lassie is forming partnerships that connect routine care to insurance economics, including distribution via Lidl Plus and activity-based discounts using GPS data from Tractive devices. The strategy ties behavioural data to underwriting inputs.
Since we first invested three years ago, Lassie has shown they are one of the rare companies combining an exceptional team building a distinct product with genuine customer love, exciting growth trajectory and world-class operations leveraging AI.
Felix Capital partner Susan Lin said
They have scaled 50x, launched three new markets, and are well on their way to becoming the leading pet insurer and health platform in Europe,” Susan Lin said.
Investors point to execution pace. The company has launched roughly one new major market per year while building its own insurance stack and maintaining a lean cost base.
We think expansion discipline will matter more than headline growth as competition intensifies across European pet lines.
Lassie aims to position itself as a combined insurance and pet health platform rather than a pure reimbursement carrier.
