Pet insurer Lassie fetches €63.2M Series C to expand across Europe
Stockholm-based pet insurer Lassie has raised €63.2 million ($75 million) in Series C funding. Balderton Capital, Felix Capital, Inventure, Passion Capital, and Stena Sessan participated in the round.
Founded in 2020 by Hedda Båverud Olsson , Sophie Wilkinson , and Johan Jönsson , Lassie operates a "prevention-first" model. Its app encourages owners to track diet, activity, and health behaviours — earning rewards and lower premiums along the way.
The company serves around 250,000 pets across Sweden, Germany, and France. It has surpassed $100 million in annual recurring revenue.
The European pet insurance market is valued at $6.1 billion in 2026 and is projected to reach $9.21 billion by 2031, growing at 8.6% annually. Rising vet costs and shifting attitudes toward pets are fuelling demand.
Germany presents a major opportunity: pet-care spending hit $6.81 billion in 2023, yet only 20% of owners carry insurance. Lassie already operates there and plans to deepen its presence.
Scaling across Europe requires deep localisation. Each country has different regulations, customer expectations, and competitive dynamics.
Lassie's model depends on sustained high engagement. Its 25% daily active user rate — versus an 8–9% industry average — is strong but must hold as it grows.
Pet insurance is shifting from reactive reimbursement to proactive care. Online aggregators and insurtech platforms are the fastest-growing sales channel in Europe, projected to expand at 11.25% annually.
Lassie's use of AI to process 60% of German claims end-to-end in around six minutes shows how automation can reshape a traditionally manual industry. The company will use the funding to accelerate European expansion and invest in AI-driven claims and preventive health features.
Sources:
EU-Startups
The Next Web
Insurance Edge
Mordor Intelligence
B.S.
