Today Lassie, the world’s first preventive pet insurance ecosystem - has raised €23 million in Series B funding.
Swedish company Lassie provides bespoke insurance products coupled with coaching for cat and dog owners to learn how to keep happy, healthy and fitter pets.
Lassie co-founder and CEO Hedda Båverud Olsson was inspired to found the company after growing up with a veterinarian parent who focused on providing preventive care to their beloved family pets to help them avoid sickness.
The startup also launched in Germany, in January this year and is already growing 200 percent faster than Sweden. It has over 60,000 customers on its books, including over 400 dog breeds and over 200 cat breeds.
Its app features online courses, including videos and articles advising owners on everything from what foods to avoid, how to reduce stress amongst pets, the best ways to train a new puppy or kitten and accessible exercises.
Owners who complete the courses receive rewards every insurance year, from lower premiums (between €25 to €50 cheaper a year) to points they can spend in Lassie’s in-app store. Owners can also connect with Lassie’s support team directly in the app, which also makes it easier to file and settle claims.
Olsson shared:
“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.
The funding is led by Balderton Capital. Previous investors Felix Capital, Inventure, Passion Capital and Philian also participated in the round, which brings the total raised by Lassie to €36.5 million.
Rob Moffat, Partner at Balderton, said:
“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.”
The funding will be used to develop Lassie’s ecosystem offering, including the in-app sale of health products for pets, grow its tech and product teams, continue momentum in Germany and Sweden, and plan the next international launch.
Lead image: Lassie co-founder and CEO Hedda Båverud Olsson and Louie via Lassie. Photo: Uncredited.
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