Lassie, a pet health app and insurance provider, has secured $25 million in a Series B funding round led by Balderton Capital. This comes after the company successfully closed an €11 million Series A round in 2022. With the pet ownership boom during the pandemic, Lassie has experienced significant growth, catering to the needs of pet owners who turned to mobile apps for their pets’ health.
Key Takeaway
Lassie, a pet health app and insurance provider, has secured $25 million in a Series B funding round led by Balderton Capital. The funding will be used to expand the company’s team and product offerings, as well as to extend its reach beyond Germany and Sweden. With the pet ownership surge and the increasing demand for pet insurance, Lassie is well-positioned to cater to the needs of pet owners looking for convenient and comprehensive healthcare solutions for their beloved pets.
Expanding Pet Insurance Market
The surge in pet ownership, with nearly half of European households owning pets, has driven the demand for pet insurance. Owner spending on their pets amounts to €23.5 billion annually. This trend has paved the way for the rise of pet insurance companies like ManyPets in the UK and Dalma in France. Lassie, with its innovative app and insurance offerings, has quickly positioned itself as a leader in this expanding market.
Successful Funding Round
Lassie’s latest funding round raised €23 million, bringing its total funding to €36.5 million. In addition to Balderton Capital, previous investors such as Felix Capital, Inventure, Passion Capital, and Philian, also participated in the round. The funds will be utilized to further develop the team and enhance the company’s products, including the in-app sale of health products for pets. Additionally, Lassie aims to expand its services beyond its current markets of Germany and Sweden.
Comprehensive Pet Health App
Lassie’s app offers a range of features aimed at pet owners’ convenience and their pets’ well-being. Apart from insurance coverage, the app provides online courses and valuable information on preventative health measures for pets. Pet owners who complete these courses receive rewards, including lower premiums and loyalty points for Lassie’s online store.
Experienced Leadership
The driving force behind Lassie’s success is its co-founder and CEO, Hedda Båverud Olsson. Growing up with a veterinarian parent, Olsson’s passion for pets and their health inspired her to create Lassie. She joined forces with Sophie Wilkinson, an insurance expert and former head of pet insurance at a Nordic insurance company, as well as technology lead, Johan Jönsson, formerly of Spotify and King.
