Lassie, a Stockholm-based prevention-first pet insurer, today announced that it has raised €63.2 million ($75 million) in Series C funding to double down on AI, expand across Europe, and scale faster.
The round included participation from Balderton Capital, Felix Capital, Inventure, Passion Capital, and Stena Sessan.
“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,” said Hedda Båverud Olsson, CEO and co-founder of Lassie.
Previous EU-startup coverage of European pet insurance, adjacent pet care infrastructure, and animal health funding deals showcases sustained capital allocation in 2025, which amounts to nearly €255 million.
For example, in pet insurance specifically, Paris-based pet insurance company Dalma raises €20 million Series B funding round to broaden its offering, potentially introducing a direct payment system for policyholders and the launch of an e-shop for health and wellness pet products. London-based InsurTech startup Napo closed its €14.4 million Series B to strengthen its AI and automation capabilities. London-based AI-native veterinary practice management platform Lupa raised two funding rounds in 2025; after closing €3.8 million Seed funding round in January, it raised over €17 million Series A investment in October. EU-Startups has previously covered Lassie’s earlier funding rounds as well, reporting its €23 million Series B funding led by Balderton Capital in 2023. It also raised €11 million in a round led by Felix Capital back in 2022.
Founded in 2020 by Hedda Båverud Olsson, Sophie Wilkinson, and Johan Jönsson, Lassie offers digital pet insurance that helps users take care of their dog or cat, both before and after the injury occurs.
Citing a report that states that over 90% of pet owners now consider their pet a family member, Lassie states that this shift is causing people to spend on care, insurance, and well-being. It also notes that the rising vet costs are putting pressure on owners and exposing the shortcomings of slow, reactive insurance models, thereby driving the “explosive growth” of the global pet insurance market. According to Lassie, the global pet insurance market is set to reach around €67.3 billion ($80 billion) by 2033, while the wider global pet care market is projected to grow to approximately €360.5 billion ($428 billion) by 2032.
Lassie states that, unlike traditional insurers that still rely on manual processes, it claims to have one of the most automated claims engines in the industry. It uses agentic AI to process claims and report that the platform now processes 60% of claims in Germany end-to-end in around six minutes. It notes that for straightforward treatments, customers can simply upload a photo of their vet bill and receive “near-instant” payouts.
Explaining how Lassie offers more than just insurance, the Swedish startups mentioned in the press release, “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 can expand beyond insurance into broader pet care from a position of strength.”
With the fresh funding, 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.
Lassie currently operates in Sweden, Germany and France, and reports serving around 250,000 pets and achieving more than €84.2 million ($100 million) in ARR.
Read the orginal article: https://www.eu-startups.com/2026/02/stockholm-based-prevention-first-pet-insurtech-lassie-fetches-e69-million-in-series-c-funding/
