The total funding raised by Lassie is now €36.5m and has included investors such as Felix Capital, Inventure and Passion Capital.
Lassie will use the funding to develop its ecosystem offering, including the in-app sale of heath products for pets.
In addition, it wants to grow its tech and product teams, as well as continue its momentum in Germany and Sweden with another international launch not far away.
The insurtech provides bespoke insurance products alongside coaching for cat and dog owners. Its app hosts online courses, including videos and articles with advice for owners on everything it takes to be a pet owner. Those who complete the course gain insurance rewards, from lower premiums to points they can spend in the app.
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.”
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.”
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Magda Lukaszewicz, principal at Balderton, continued: “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.”