During the pandemic, technology proved to be a benefit for pets. Without easy access to veterinarians, pet owners have resorted to smartphone applications that offer instructional information and in some instances are connected to insurance companies to keep track of their pets’ health. Starting-ups are rolling out these seemingly basic setups, which turn out to be significant money spinners when this insurance perspective is connected.
Because of this, Lassie, a pet insurance and app company, has just completed a €11 million Series A round of funding headed by Felix Capital today. Investors such as Karl-Johan Persson and Fredrik & Caroline Hjelm (VOI brothers), Josefin Landgrd (co-founder of KRY and Mantle), and Inventure and Passion Capital were also present (Chair H&M). The money raised will go toward expanding the company’s reach outside of its current Swedish market.
Lassie’s pitch is that it decreases not just medical expenditures, but also prevents injuries from occurring in the first place. Some 7 in 10 pet owners take their pet’s physical and emotional health more seriously than their own.
When pet owners take instructional courses on proper pet care, they are rewarded with decreased insurance premiums.
The CEO of Lassie, Hedda Bverud Olsson, stated in a statement: “We notice a major change as individuals now start to perceive their insurance as something that might assist avoid sickness. We are currently trying to expand our product line and expand our preventative pet insurance coverage outside Sweden.”
As Felix Capital’s Susan Lin points out, contemporary family arrangements and views about dogs as an increasingly important component of the family have changed significantly over the last decade. This year’s COVID-19 has only fueled an even greater interest in health and wellness preventative measures.”
For the time being, Bought by Many (ManyPets) and Dalma seem to be Lassie’s most significant rivals.
At Pet Insurance we’re all working to make it digital, humane, and frictionless,” Olsson said to me. Our preventive business approach is what makes Lassie distinctive (and our blue ocean plan). It is our goal to become a central platform for the care of pets, and we currently have a vast database on pet health, which enables us to produce market-leading discoveries regarding preventative health.”
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