Lassie Expands Pet Insurance AI Across Europe After $75M Raise in 2026

LONDON, February 12, 2026 — Lassie, a Stockholm-based insurtech firm, has secured $75 million in a Series C funding round to scale its AI-powered pet insurance platform across Europe. According to TechFundingNews, the funding, co-led by Balderton Capital, Felix Capital, Inventure, Passion Capital, and Stena Sessan, brings the company’s total capital raised to $120 million. Lassie aims to redefine the pet insurance market by integrating preventive care, gamification, and efficient AI-driven claims processing.

Executive Summary

• Lassie raised $75 million in Series C funding to expand in Europe.
• The platform combines pet insurance, daily health tools, and rewards to promote preventive care.
• With over 250,000 pets covered, Lassie generates $100 million in annual recurring revenue (ARR).
• AI processes 60% of claims in under six minutes, improving efficiency significantly.

Key Developments

Lassie’s mission is to turn pet insurance into a proactive, tech-enabled ecosystem. Founded by Hedda Båverud Olsson, Sophie Wilkinson, and Johan Jönsson in Stockholm, the company addresses gaps in traditional pet insurance, which often focuses solely on reactive claims after illnesses or injuries. Lassie combines its core insurance services with daily pet care tools, activity tracking, and gamification to foster healthier habits among pet owners.

In its Series C round, Lassie raised $75 million, bringing its total funding to $120 million. Balderton Capital, Felix Capital, Inventure, Passion Capital, and Stena Sessan co-led the round. The company plans to use the funds to expand into new European markets and enhance its AI technology.

Currently, Lassie insures over 250,000 pets across Sweden, Germany, and France, with an impressive 25% daily user engagement rate, far exceeding the industry average of 8-9%. Its claims engine, powered by AI, processes 60% of claims in Germany within six minutes, delivering near-instant payouts for simple cases. Overall, AI assists in 90% of claims, significantly reducing manual processing times and improving customer satisfaction.

Market Context

The pet insurance market in Europe is ripe for innovation, with growing pet ownership driving demand for more comprehensive and user-friendly insurance solutions. Traditional insurers like Agria and ManyPets primarily focus on claims reimbursement, leaving a gap for companies like Lassie to introduce a more holistic approach. Lassie’s model not only covers veterinary costs but also integrates preventive care and gamification, which align with modern consumer expectations for convenience and engagement.

Globally, the pet insurance market is projected to grow at a compound annual growth rate (CAGR) of nearly 14% through 2030, according to recent industry reports. Lassie’s focus on combining insurance with daily health engagement positions it uniquely to capture market share in this expanding sector. Its tech-driven approach also aligns with broader trends in digital transformation across industries, where AI and automation are rapidly becoming standard.

BUSINESS 2.0 Analysis

Lassie’s innovative approach to pet insurance challenges the status quo in an industry traditionally dominated by legacy players. By embedding preventive care and gamification into its platform, Lassie is not just offering insurance but building a comprehensive pet health ecosystem. This strategy differentiates it from competitors and creates a stickier customer base. The high user engagement rates (25% daily) are a testament to the platform’s value proposition.

From a financial perspective, Lassie’s $100 million ARR and robust growth trajectory underscore its potential to achieve profitability while scaling. For more on [related ai developments](/openai-anthropic-and-google-lead-foundation-model-race-as-ai-scales-in-22-01-2026). The use of AI in claims processing is a key efficiency driver, reducing operational costs and enhancing customer experience. Investors like Balderton Capital and Felix Capital, known for backing high-growth tech companies, bring both capital and strategic expertise to the table.

However, competition in the insurtech space is intensifying, with traditional insurers and startups vying for market share. Lassie’s focus on Europe provides a clear geographic advantage, but its expansion plans will require careful execution to navigate diverse regulatory environments and customer preferences across countries.

Why This Matters for Industry Stakeholders

Lassie’s success offers key lessons for stakeholders in the insurance and pet care industries:

• Investors: The $75 million Series C round highlights the growing appetite for tech-driven insurance solutions, particularly those leveraging AI and preventive care.
• Competitors: Lassie’s high user engagement rates set a new benchmark, signaling the importance of integrating daily touchpoints and customer-centric features.
• Veterinarians: Lassie’s preventive care tools could reduce emergency visits, shifting the focus to routine and predictive care.
• Pet Owners: Lassie’s model offers a more engaging, cost-effective way to manage pet health, emphasizing prevention over reaction.

Forward Outlook

With its Series C funding, Lassie is well-positioned to expand its footprint across Europe and further invest in AI technology. The company’s ability to scale while maintaining high user engagement will be critical to sustaining its competitive edge. Strategic partnerships, particularly with veterinary networks and pet care providers, could amplify its value proposition and accelerate adoption in new markets.

That said, Lassie must navigate potential challenges, including regulatory complexities and competition from established insurers. For more on [related ai developments](/global-mlops-market-size-trends-forecast-2026-2030-by-company-country-12-december-2024). The company’s focus on AI and digital engagement will likely remain a key differentiator, but sustaining innovation and operational excellence will be essential as it grows.

Key Takeaways

• Lassie raised $75 million in Series C funding to expand its AI-powered pet insurance platform in Europe.
• The company combines insurance with preventive care tools, daily engagement, and gamification.
• Lassie insures over 250,000 pets across Sweden, Germany, and France, with $100 million ARR.
• AI processes 60% of claims in under six minutes, enhancing efficiency and customer satisfaction.
• Expansion into new European markets and further AI investment are top priorities for 2026.

References

1. TechFundingNews
2. Bloomberg
3. Financial Times

Source: TechFundingNews