Bringing a new dog or cat into one’s life often involves a blend of excitement and significant responsibility. This includes managing vet visits, vaccinations, finding suitable food, scheduling regular check-ups, and consistently striving to maintain their health as they mature.
Traditional pet insurance typically provides coverage after an expensive accident or illness occurs, offering little assistance in preventing such situations. Lassie’s approach differs, focusing on equipping pet owners with resources to manage their pets’ health daily, rather than solely reacting to problems.
The Stockholm-based insurtech company, Lassie, has successfully raised $75 million in a Series C funding round. This capital will support its expansion of an automated, preventive pet care platform throughout Europe. The funding round follows a period of significant commercial growth, during which Lassie achieved over $100 million in annual recurring revenue (ARR), a notable accomplishment for a pet insurance provider.
Leading European investors, such as Balderton Capital, Felix Capital, Inventure, Passion Capital, and Stena Sessan, participated in the funding round. This indicates a growing interest in technologies that integrate insurance services with everyday wellness solutions.
Lassie was established with the goal of transforming pet insurance from a reactive safety net into an active contributor to animal health. Its mobile application motivates owners to monitor their pets’ diet, activity levels, and engage in preventive health practices, which can lead to rewards and reduced insurance premiums.
The company’s backend infrastructure utilizes automation and artificial intelligence to streamline the claims process, often enabling reimbursements to be completed within minutes after a user submits a bill.
Achieving over $100 million in ARR places Lassie among Europe’s rapidly expanding insurtech companies. With established operations in Sweden, Germany, and France, the new capital is expected to facilitate further expansion into additional European markets.
Furthermore, Lassie intends to allocate investments towards enhancing its AI-driven claims system and preventive health technology. It also plans to strengthen collaborations with partners like Lidl and Tractive, and investigate new service opportunities within the wider pet care sector.
Lassie’s growth highlights a shift in how individuals perceive their pets: no longer just occasional expenses, but cherished family members whose daily health is paramount. The company is fostering an environment where proactive care, informed decisions, and healthy habits are integral to its service, alongside financial coverage for veterinary costs.
