Pet Love Boom Fuels Lassie’s $75m Series C as It Moves to Own the Future of Pet Care in Europe

Lassie, the prevention-first pet insurer, has raised $75 million in Series C funding, as it puts pets at the centre of its ambitions to lead Europe’s pet care and insurance market.

The round – one of the largest European insurtech fundings of the past year – included participation from Balderton Capital, Felix Capital, Inventure, Passion Capital, and Stena Sessan, who are backing Lassie’s mission to rewrite the rules of pet insurance through automation and a greater focus on pet care.

Lassie’s model puts the beloved family pet at the heart of its business, which is built on the belief that insurance should be combined with proactive pet care to keep animals healthy and happy for longer. Its localised insurance products are delivered through a daily-use app that educates, motivates and rewards pet parents for preventive care, using AI to remove friction from every part of the experience.

Founded in Stockholm by Hedda Båverud Olsson, Sophie Wilkinson and Johan Jönsson, Lassie unites insurance expertise, operational depth and engineering-led automation in an exceptional customer-centric product that has created a pet-loving community built on wins outstanding service, education and preventative pet care.

Winning with speed and automation

While traditional insurers still rely on manual processes, Lassie is reshaping the sector through one of the most automated claims engines in the industry. Powered by agentic AI, the platform now processes 60% of claims in Germany end-to-end in around six minutes, with customers simply uploading a photo of their vet bill and receiving near-instant payouts for straightforward treatments.

A market fuelled by pet love and rising costs

Across Europe, pets are no longer seen as just animals; they are family. Research shows that over 90% of pet owners now consider their pet a family member, a shift that is reshaping how people spend on care, insurance and wellbeing.

At the same time, vet costs are rising sharply, putting pressure on owners and exposing the shortcomings of slow, reactive insurance models. These factors are driving explosive growth: the global pet insurance market is forecast to reach around $80bn by 2033, while the wider global pet care market is projected to grow to approximately $428bn by 2032. Lassie is positioning itself at the centre of this shift, where emotional attachment meets technology, prevention and scale.

More than insurance

Lassie currently operates in Sweden, Germany and France, insuring around one million paws — approximately 250,000 pets — achieving more than $100m in ARR.

Crucially, customers don’t just interact with Lassie when something goes wrong: the app is used daily to log activity, track behaviour and access guidance, earning rewards and discounts on premiums along the way. The result is 2–3x higher engagement than industry peers, with 25% daily active users (DAU) compared with an 8–9% industry average. This means Lassie is able to expand beyond insurance into broader pet care from a position of strength.

Building the next chapter

With the Series C, Lassie plans to accelerate expansion across Europe’s largest pet insurance markets and invest further in AI-driven claims and preventive health capabilities.

The company is also actively building partnerships that connect everyday pet care to insurance outcomes, including collaborations with Lidl, offering affordable pet insurance through its Lidl Plus rewards programme, and Tractive, enabling activity-based rewards and discounts through GPS pet tracking.

Hedda Båverud Olsson, CEO and co-founder of Lassie, 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.”

Rob Moffat, Balderton Capital, 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.”

Susan Lin, Felix Capital, 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. More importantly, they’ve built a beloved product that has transformed the lives of more than 250,000 pet families.”

Magda Lukaszewicz, Inventure, 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.”

Robert Dighero, Passion Capital, said: “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.”

Kristina Patek, Stena Sessan, said: “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.”