Pet insurtech Lassie sequred €23 mn in Series B led by Balderton Capital

Pet insurtech 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.

Pet insurtech Lassie sequred €23 mn in Series B led by Balderton Capital

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.

Hedda Båverud Olsson, Lassie’s co-founder and CEO

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.

Hedda Båverud Olsson, Lassie’s co-founder and CEO

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.

Pet insurtech Lassie sequred €23 mn in Series B led by Balderton Capital

The surge in pet ownership, coupled with changing perceptions, has resulted in a €23.5 bn annual expenditure on pet-related services and products.

Pet insurance is a really hard sector to break into and scale up in, with challenges around underwriting, marketing costs and claims operations.

I’ve been keeping an eye on Lassie ever since their founding. 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

Magda Lukaszewicz, Principal at Balderton

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.

by Peter Sonner