During the pandemic, technology became a blessing for pets. Due to the lack of access to veterinarians, pet owners turn to mobile apps to track the health of their pets, often providing education on pet care, and in some cases contacting insurance providers.
This behavior ignited the venture capital community because startups launched these relatively simple applications, which will become big winners when added value from an insurance perspective.
That's why lassie, a pet app and insurance provider, today completed a € 11 million round a financing led by Felix capital. Existing investors such as investment and passage capital, as well as well-known angel investors such as Josefin land å Rd (co-founder of kry and mantle), Fredrik & amp; Caroline Hjelm and Karl Johan Persson (H & amp; m chairman). The proceeds will be used to expand the business outside Sweden.
About seven out of ten pet parents value their pets' physical and mental health more than their own. Therefore, lassie advocates that it can not only reduce veterinary costs, but also prevent accidental injuries. Then, if pet owners complete an educational course on good pet care, they will be rewarded with a lower insurance price.
Lassie co-founder and CEO Hedda B å verud Olsson said in a statement. "We see a big shift because now people are beginning to see their insurance as an element that can help prevent disease. We now hope to bring more products to the market and bring our preventive pet insurance out of Sweden."
Susan Lin, a partner at Felix capital, added: "over the past decade, we have seen a continuous change in modern family structure and attitudes towards pets, believing that pets are an increasingly important member of the family. These trends have been further accelerated through covid-19 with great interest and participation in preventive health and health care."
Lassie's biggest competitors are bought by many (manypets) and Dalma.
"We are all transforming pet insurance to make it more digital, empathic driven and seamless. Lassie's very unique place (and our blue ocean strategy) is our prevention business model.... our mission is to become a central pet care platform and has established a large database on pet health, which can make market-leading discoveries on preventive health.".