Technology turns out to be beneficial for pets in times of pandemic. Without ready access to veterinarians, pet owners have turned to mobile apps to monitor their pet’s health, often through educational content and in some cases affiliated with an insurance provider. This behavior has lit up the VC world as startups that deploy these relatively simple operations turn out to be big money spinners when this coverage angle is attached.
This is why pet apps and insurance providers Lassie closed a Series A round of 11 million euros led by Felix Capital today. Also joining are existing investors Inventure and Passion Capital, as well as famous angels such as Josefin Landgård (KRY & Mantle co-founders), Fredrik & Caroline Hjelm (VOI siblings) and Karl-Johan Persson (VOI siblings) Chairman of H&M). The proceeds will be used to expand the business beyond its main premises in Sweden.
About 7 out of 10 pet parents value their pet’s physical and mental health more than their own, so Lassie’s goal is for it to not only reduce vet costs, but also prevent injury from occurring. right from the start. Pet owners are then rewarded with lower insurance rates if they complete educational courses in good pet care.
“We’re seeing a huge shift as people now begin to view their insurance as something that can help prevent,” Lassie co-founder and CEO Lassie Hedda Båverud Olsson said in a statement. diseases. We are now looking to bring more products to market and bring preventive pet insurance outside of Sweden. ”
Susan Lin, Partner at Felix Capital adds: “Over the past decade, we have seen a constant shift in modern family structures and attitudes towards pets as an increasingly member of the family. important in the family. Coupled with the immense interest and participation in preventive health and wellness, these trends have only been further accelerated through COVID-19. ”
Lassie’s current biggest competitors are Bought by Many and Dalma.
“We are all transforming Pet Insurance to be more digital, empathy-based, and seamless,” Olsson told me. What makes Lassie so unique (and our blue ocean strategy) is our hedging business model…. We are on a mission to be a central pet care platform, and we have established a large database of pet health that allows us to make market leading discoveries about pet health. preventive health. ”
