Most founders raising a big round in 2026 have an AI line in the pitch. Hedda Båverud Olsson, co-founder and CEO of Stockholm pet insurer Lassie, built the opposite case and told Fortune in September that staying out of AI is an advantage, because AI-focused startups face large competitors and, as she put it in Fortune’s account, no one like OpenAI is going to come and do pet insurance.
That is a position worth examining, because the numbers behind it are real. In November 2023, Tech.eu reported that Lassie raised a €23 million Series B led by Balderton Capital, with Felix Capital, Inventure, Passion Capital and Philian also in, taking total funding to €36.5 million. It cited more than 60,000 customers at the time.
Then came the February 2026 round. Insurance Edge and Tech.eu both reported a $75 million Series C, with Balderton, Felix Capital, Inventure, Passion Capital and new investor Stena Sessan. EU-Startups covered it as well. Both Insurance Edge and Tech.eu name Olsson, Sophie Wilkinson and Johan Jönsson as the founders, and say the money is for expanding across Europe’s largest pet insurance markets and for AI-supported claims and preventive health features.
So Lassie does use automation, just not as the headline. Tech.eu reports that in Germany a significant share of claims is processed end to end within minutes: a customer uploads a photo of a vet bill and is reimbursed quickly for straightforward treatments. The pitch is insurance that is more pleasant to use than the traditional kind, plus rewards that keep owners opening the app between claims. Tech.eu names partnerships with Lidl, through its Lidl Plus rewards programme, and with GPS tracker maker Tractive.
The decision that stands out is where Lassie went next. Fortune reports that it entered Germany and the U.K. rather than neighbouring Nordic countries, because regulatory requirements are just as demanding in each, so the bigger market was the better use of the effort. Fortune lists Germany, France, the U.K. and Sweden as Lassie’s markets and says it has not entered the other Nordic countries. Insurance Edge’s list stops at Sweden, Germany and France, so check Lassie’s own site for the current footprint.
Her read on customers shaped the product too. Fortune reports that in Germany, the U.K. and the U.S., owners increasingly see pets as children, while in France they are seen more as friends.
On the scale of the business the outlets don’t agree. Fortune says up to $100 million in annual revenue, Insurance Edge says more than $100 million in annual recurring revenue, and Tech.eu gives no figure, so we treat it as an approximate, company-reported number.
The contrast with other founders in our archive is useful. Eugenia Kuyda is building an AI assistant with a $20 million pre-seed and no business model yet, while Lassie sells a product with a clear price and a regulated market. And like Brynn Putnam’s Board, which closed a $20 million Series A in 2026, Lassie shows how a funding round turns into a plan for the next market.
Frequently asked questions
Who is Hedda Båverud Olsson?
She is co-founder and CEO of Lassie, a pet insurer based in Stockholm. Insurance Edge and Tech.eu name her, Sophie Wilkinson and Johan Jönsson as the founders.
How much has Lassie raised?
Tech.eu reported a €23 million Series B led by Balderton Capital in November 2023, bringing total funding to €36.5 million at that point. In February 2026 Insurance Edge and Tech.eu reported a $75 million Series C, with Balderton, Felix Capital, Inventure, Passion Capital and Stena Sessan taking part.
Where does Lassie operate?
Insurance Edge lists Sweden, Germany and France. Fortune lists Germany, France, the U.K. and Sweden, and reports that Lassie has not entered the other Nordic countries.
What is Lassie's revenue?
Outlets differ. Fortune reports up to $100 million in annual revenue, and Insurance Edge reports more than $100 million in annual recurring revenue, while Tech.eu did not disclose a figure. Treat the number as company-reported and approximate.