Lassie, the prevention-first pet insurer, has raised $75m in Series C funding as it looks to scale across Europe and challenge traditional models of pet insurance with a stronger focus on preventive care and automation.
The round is one of the largest European InsurTech fundraises of the past year and included backing from Balderton Capital, Felix Capital, Inventure, Passion Capital and Stena Sessan. Investors are supporting Lassie’s ambition to combine insurance with everyday pet care, underpinned by AI-led automation.
Founded in Stockholm by Hedda Båverud Olsson, Sophie Wilkinson and Johan Jönsson, Lassie currently operates in Sweden, Germany and France. The company insures around one million paws, equivalent to approximately 250,000 pets, and reports more than $100m in annual recurring revenue.
Automation is a central part of the company’s operating model. Lassie says that around 60% of claims in Germany are now processed end-to-end in roughly six minutes, with customers uploading a photo of their vet bill and receiving near-instant payouts for straightforward treatments.
The business is targeting a fast-growing market driven by changing attitudes to pet ownership and rising veterinary costs. More than 90% of pet owners across Europe now consider their pets to be family members. The global pet insurance market is forecast to reach around $80bn by 2033, while the wider pet care market is projected to grow to approximately $428bn by 2032.
Lassie says its app-based approach encourages regular engagement beyond claims, with customers using the platform daily to track activity, access guidance and earn rewards. The company reports daily active usage of around 25%, compared with an industry average of 8–9%.
Lassie CEO and co-founder Hedda Båverud Olsson said, “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.”
Balderton Capital general partner Rob Moffat said, “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.”
Felix Capital partner Susan Lin said, “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.”
Inventure partner Magda Lukaszewicz said, “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.”
Passion Capital partner Robert Dighero said, “Lassie is redefining what pet insurance should be by putting prevention and technology at the centre of the experience.”
Stena Sessan investment manager Kristina Patek said, “Lassie has built one of the most appreciated pet insurance offerings among customers while also developing its own insurance platform in record time.”
Copyright © 2026 FinTech Global
