Stockholm-based Lassie secures €23 million in series B round funding led by Balderton Capital. With the participation of previous investors Felix Capital, Inventure, Passion Capital, and Philian (H&M Chair Karl-John Persson), Lassie has now raised a total of €36.5 million.
The funds will go towards growing Lassie’s ecosystem offering, which includes the in-app pet health product marketplace, expanding out its tech and product teams, maintaining momentum in Germany and Sweden, and organising the company’s upcoming global debut.
Hedda Båverud Olsson, co-founder and CEO, said: “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. We’re proud of everything we’ve achieved so far but we know there is still much more work to be done and we’re delighted to have the support of Balderton, to help us as we grow further.”
The firm, which launched in January of this year and is currently growing 200% faster than Sweden, has already made significant headway in both Sweden and Germany. Currently, Lassie claims over 60,000 clients, representing more than 200 cat and 400 canine species.
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There hasn’t been much innovation in pet insurance; owners pay monthly payments to prevent a hefty veterinary expenditure in the event that their cat gets sick or needs surgery. However, the complicated claims and reimbursement process frustrates customers, who are left with little to show for their increasing annual payments.
Rob Moffat, Partner at Balderton, added: “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.”
Magda Lukaszewicz, Principal at Balderton, said: “I’ve been keeping an eye on Lassie ever since their founding. The team’s execution is remarkable and they’ve hit metrics we have not seen before in pet insurance. They have a close, digital-first, relationship with the consumer-driven by their preventive health offering, giving Lassie a real platform to go beyond insurance.”
Hedda Båverud Olsson, co-founder and CEO of Lassie, was inspired to establish the firm in 2020 by her upbringing with a veterinarian parent who placed a strong emphasis on providing their beloved family dogs preventive care to help them stay healthy.
In 2021, the team led by Johan Jönsson, a full-stack developer with past experience at King and Spotify, and insurance expert Sophie Wilkinson launched Lassie in their home country of Sweden. With their collective expertise, the team was perfectly placed to take on the multi-billion dollar pet insurance market.