The month of February was very active!
Indeed, six funding rounds were announced. Since the beginning of the year, we are therefore at +13% in terms of deal count compared to the same period last year.
But it is especially on the investment side that the figures stand out: €148m was raised by startups last month. Adding up all the deals since the start of the year, nearly eight times more capital has been invested in European InsurTech compared to last year.
This confirms a trend that has been emerging for several months now: the rise of category leaders that are managing to raise very significant amounts, almost out of market in some respects. This month, three startups raised close to €40m or more — making February the most significant month since May 2023, if we exclude the mega-rounds above €100m, which remain fairly unique. Here, we are talking about three deals of the same magnitude!
It is worth noting that Germany recorded its first deal of the year. Meanwhile, the rest of Europe confirms last year’s strong momentum, with two new deals announced outside the three major startup ecosystems in Europe. Notably, the largest deal of the month was announced in Sweden.
Finally, the UK confirms its status as the leader of the ranking, with half of all deals this month announced within its ecosystem. This puts the region well ahead, with nearly half of all InsurTech funding rounds this year announced on its soil since the start of the year.
In short, six deals announced, for €148m invested — that’s what to remember on the numbers side.
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Now, let's take a closer look at the largest deal of the month, to learn more about the company that illustrates the category-leader trend I mentioned earlier.
On the top step of the podium is Lassie, which announced the largest fundraising of the month. The Swedish startup announced a new funding round of €63m, led by its existing investors, who are doubling down a little over 24 months after the previous round announced at the end of 2023 for €23m at the time. This round is therefore significantly larger — especially in an era when fundraising amounts tend to be more reasonable than in the past.
As a reminder, the startup offers dog and cat insurance with direct distribution to end consumers via its website and a mobile application, rated 4.8/5 stars on the App Store. Since its launch, the startup has raised a total of $255m. It claims to cover more than 250,000 animals, compared with 60,000 just over 24 months earlier.
Beyond its domestic market, Sweden, it operates in Germany and France, and states that it has surpassed $100m in annualized revenue. As of today, the startup employs 123 people according to LinkedIn, a figure up 21% year on year.
