Stockholm-based pet insurance platform Lassie has raised $75 million in Series C funding as it positions itself to lead Europe’s evolving pet care and insurance market. The round is one of the largest European insurtech financings of the past year and included participation from Balderton Capital, Felix Capital, Inventure, Passion Capital, and Stena Sessan.
Founded in Stockholm by Hedda Båverud Olsson, Sophie Wilkinson and Johan Jönsson, Lassie has built a prevention-first model that combines insurance with proactive pet care. The company’s core belief is that insurance should go beyond reimbursement and actively help keep pets healthy. Its localized insurance products are delivered through a daily-use app designed to educate, motivate and reward pet owners for preventive care, while using AI to reduce friction across the customer experience.
Lassie currently operates in Sweden, Germany and France and insures over one million paws, representing more than 250,000 pets. The company has surpassed $100 million in ARR. Unlike traditional insurers that rely heavily on manual claims handling, Lassie has developed one of the industry’s most automated claims engines. Powered by agentic AI, the platform processes 60% of claims in Germany end-to-end in around six minutes. Customers upload a photo of their vet bill and receive near-instant payouts for straightforward treatments.
The company’s growth comes amid structural changes in how Europeans view pet ownership. More than 90% of pet owners now consider their pets family members, influencing spending on care, insurance and wellbeing. At the same time, rising veterinary costs are placing pressure on households and exposing the limitations of slow, reactive insurance models. The global pet insurance market is forecast to reach around $80 billion by 2033, while the broader pet care market is projected to grow to approximately $428 billion by 2032.
Lassie’s engagement metrics reflect its broader ambition beyond insurance. Customers interact with the app daily to log activity, track behaviour and access guidance, earning rewards and premium discounts along the way. The platform reports 25% daily active users, compared with an industry average of 8–9%, creating a foundation to expand into broader pet care services.
With the new capital, Lassie plans to accelerate expansion into Europe’s largest pet insurance markets and deepen investment in AI-driven claims processing and preventive health capabilities. The company is also building partnerships that link everyday pet care to insurance outcomes, including collaborations with Lidl, which offers affordable pet insurance through its Lidl Plus rewards programme, and Tractive, enabling activity-based rewards and discounts through GPS pet tracking.
KEY QUOTES
“Pet parents don’t just want reimbursements — they want help keeping their pets healthy. This round enables us to accelerate our growth and expand our prevention-first offering to even more pet parents. We’ve shown we can build outstanding insurance products and then scale them market by market. The key is deep localisation paired with a unique pricing model that combines real-time data with a preventive approach, and we’re excited to repeat this across more European markets.”
Hedda Båverud Olsson, CEO and Co-Founder, Lassie
“Balderton are excited to invest again in Lassie as they create the leading pet care ecosystem across Europe. Lassie’s best-in-class user engagement enables them to expand from insurance into preventive care and, over time, all aspects of looking after your pet. Their world-leading use of AI automation has allowed them to scale successfully across Germany, Sweden and France with a very lean team.”
Rob Moffat, Partner, Balderton Capital
“Since we first invested three years ago, Lassie has shown they are one of the rare companies combining an exceptional team building a distinct product with genuine customer love, exciting growth trajectory and world-class operations leveraging AI. They have scaled 50x, launched three new markets, and are well on their way to becoming the leading pet insurer and health platform in Europe. More importantly, they’ve built a beloved product that has transformed the lives of more than 250,000 pet families.”
Susan Lin, Partner, Felix Capital
“The speed and quality of execution has consistently impressed us. Lassie has launched approximately one new major market per year while achieving one of the highest levels of automation in the industry, alongside building a product that a quarter of its monthly user base engages with daily.”
Magda Lukaszewicz, Partner, Inventure
“Lassie is redefining what pet insurance should be by putting prevention and technology at the centre of the experience. The team has shown they can build a category-leading product, localise it market by market and scale efficiently across Europe.”
Robert Dighero, General Partner, Passion Capital
“Lassie has built one of the most appreciated pet insurance offerings among customers while also developing its own insurance platform in record time, enabling rapid innovation and automation in a traditionally conservative industry.”
Kristina Patek, Investment Manager, Stena Sessan
