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Pet insurer Lassie closes new round of financing

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Pet insurer Lassie closes new round of financing

The need for pet insurance is growing in Germany. The Swedish provider Lassie, which has been on the market here since 2023, also benefits from this. Now the Insurtech secured millions again.

They want to penetrate the pet insurance market across Europe: Lassie founders Sophie Wilkinson (l.), Hedda Båverud Olsson (m.) and Johan Jönsson. Lassie

Dogs and cats are no more afraid of going to the vet than their owners – especially since treatment fees were raised drastically just a week ago. Pet owners pay extra for a simple examination new order 23.62 euros – over 70 percent more than before. The price for vaccinations has now doubled to 11.50 euros. Overall, owners have to expect costs of 17,500 euros over the lifetime of their animal for purchase, food, accessories, dog tax and doctor’s visits, he estimates Animal Welfare Association. For many Germans, health insurance for dogs and cats is becoming increasingly interesting in order to cushion treatment costs. The market in this country is not yet as developed as in the USA, Great Britain and Scandinavia – but that is now changing.

The Swedish provider Lassie, which has been on the market in Germany since January 2023, states that it now supports almost half of its total of around 60,000 users in Germany. Today the pet insurance startup announces that it has completed a new round of financing. In its Series B round, Lassie raised around 23 million euros from investors. The round was led by London-based VC Balderton Capital. Existing investors such as Felix Kapital and Passion Capital from Great Britain, the Nordic fund Inventure and the Stockholm investment company Philian Invest of H&M heir and chairman Karl-John Persson also took part. A total of 36.5 million euros have flowed into Insurtech so far.

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The startup wants to use the money to expand its insurance app, for example by selling health products for animals and new offers. The team is also set to expand. Lassie plans to expand into other European countries within the next twelve months.

In contrast to traditional insurance platforms, the company coaches owners on how to best care for their furry friends. This is intended to prevent cases of illness. In addition, the bureaucratic effort for pet owners should be kept to a minimum when it comes to reimbursement for a veterinary procedure. Insurance documents can be accessed collectively in the app and invoices can be uploaded online.

Lassie: Pet owners save money by taking online classes

In the app, the startup offers personalized online courses with videos, articles and quizzes and gives advice. The lessons cover topics such as proper nutrition for dogs and cats, stress reduction, first aid measures and puppy training. Those who complete the courses receive rewards in the form of insurance discounts. Users should receive a permanent price discount of between 25 and 50 euros per year. Alternatively, they can shop in the Lassie app store with credited points. The platform’s content is developed in collaboration with veterinarians, the startup states.

Depending on the package, whether just for operations or general veterinary treatment and preventative checkups, dog owners pay from seven to 15 euros and up. For cats, surgical insurance starts at around four euros. The prices also depend on the breed, age, gender and place of residence of the animal.

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The startup was founded in 2021 by the Swede Hedda Båverud Olsson, who, as the daughter of a veterinarian, has been involved with pets from an early age. The co-founder is insurance expert Sophie Wilkinson, who formerly headed the animal insurance division at the large Nordic insurance company If Insurance. Developer Johan Jönsson is also part of the founding team.

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New investor Balderton admits that he has previously been cautious about investing in insurance. Lassie is the first insurance startup that the London-based VC has invested money in over the past five years. Partner Rob Moffat said: “In our view, the insurance market has long been ripe for technological disruption. But the barrier to entry is high and scaling is difficult. There are numerous challenges in risk assessment, high marketing costs and administrative processing.” Lassie now offers a platform that has the potential to go far beyond insurance services.

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