Sweden’s Lassie, the ‘prevention-first’ pet insurer, has raised $75m in Series C funding to support its mission to become a leader in Europe’s pet care and insurance market.
It is one of the largest insurtech funding rounds in Europe in recent years and includes participation from Balderton Capital, Felix Capital, Inventure, Passion Capital and Stena Sessan.
The Lassie model works on the premise that insurance should be combined with proactive pet care to keep animals healthy and happy for longer. Its localised insurance products are delivered through a daily-use app that “educates, motivates and rewards pet parents for preventive care, using AI to remove friction from every part of the experience”.
“Pet parents don’t just want reimbursements – they want help keeping their pets healthy,” said Hedda Båverud Olsson, CEO and co-founder of Lassie, which currently operates in Sweden, Germany and France, insuring more than 250,000 pets.
“This round enables us to accelerate our growth and expand our prevention-first offering to even more pet parents. 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.”
“Balderton are excited to invest again in Lassie as they create the leading pet care ecosystem across Europe,” said Rob Moffat, partner at Balderton.
“Lassie’s best-in-class user engagement enables them to expand from insurance into preventive care and, over time, all aspects of looking after your pet. Their world-leading use of AI automation has allowed them to scale successfully across Germany, Sweden and France with a very lean team.”
Powered by agentic AI, Lassie said its platform now processes 60pc of claims in Germany end to end in around six minutes. Customers simply upload a photo of their vet bill and receive near-instant payouts for straightforward treatments. Founders Olsson, Sophie Wilkinson and Johan Jönsson bring together a background in insurance and engineering-led automation. Now the start-up is planning to expand into other European countries.
The start-up is also focusing on building partnerships and already has collaborations with Lidl, offering pet insurance through its Lidl Plus rewards programme, and Tractive, enabling activity-based rewards and discounts through GPS pet tracking.
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