Lassie reaches €100M ARR milestone after €60M Series C

What's the deal? Swedish pet insurance startup Lassie has reached €100M in annual recurring revenue, a milestone announced by founder and chief executive officer Hedda Båverud Olsson on LinkedIn. The company, which uses a preventive-care model to insure pets across Europe, called the journey one of "laughter, sweat, tears, and frustration."

"I always had big ambitions, and I knew from the start that I wanted this to mean something," Båverud Olsson wrote. "Behind these €100 million there are many laughs, sweat, tears, and frustration. The journey is rarely easy."

Why now? The milestone comes months after Lassie closed a SEK 670M (roughly €60M) funding round last Christmas. That round was backed by existing investors Balderton, Felix CapitalDealroom has a profile for this one. Try Dealroom →, Inventure, and Passion Capital, with Swedish shipping dynasty Stena joining via its investment arm Stena SessanDealroom has a profile for this one. Try Dealroom →. The capital was earmarked for expansion across Europe, with Båverud Olsson declaring at the time: "We've already proven the model in three countries — now we're going to win all of Europe."

What could go wrong? Lassie is still loss-making. In 2024, it reported revenue of SEK 95.7M and a loss of SEK 55M after financial items. Scaling an insurance business across multiple European regulatory environments is expensive, and the gap between ARR and reported revenue suggests the company is growing fast but burning cash to do it.

The signal: Lassie's leap to €100M ARR while still classified as "late growth" on Dealroom underscores how quickly vertical insurtech models can scale once the regulatory groundwork is laid. The backing of heavyweight funds like Balderton and Felix Capital alongside a strategic corporate investor in Stena Sessan suggests confidence that preventive-care pet insurance is a category winner — not just a niche experiment.

Read more: Breakit