Paris-based pet insurance startup Dalma has raised €15 million in Series A funding as pet tech investments in Europe continue to grow.
What does Dalma do?
it is atThe ech-enabled pet insurance provider wanted to use its Series A to launch an app that would aggregate new services beyond insurance: unlimited video calls, direct payments to veterinarians, and an e-commerce portion of selling pet supplies.
Today’s funding round brings the one-year-old company’s total investment to €17 million. Dalma said it generated €6 million in revenue from 20,000 customers in just 12 months.
Who is investing in Dalma?
Northzone led the Series A round, with participation from Project A and Anterra Capital.
Existing investors Global Founders Capital, along with Frst and Kima Ventures, along with companies such as Sam Edelson (former director of product management at home-sharing platform Airbnb), Olivier Bonnet (CTO at ride-sharing company Blablacar) and Julien Gigoi (lead actuary at insurtech Luko — — One of Sifted’s French tech startups to watch in 2022).
Pet Technology Market
After a surge in pet ownership in the pandemic era, European pet insurance funding remains high After a record 2021 (A lot of that went to UK pet insurer ManyPets $350 million raised).
According to data analysts at Dealroom, France is the second largest pet tech market in Europe after the UK.
Startups are betting that pet owners will continue to spend big on their four-legged friends in 2022. With an estimated 200 million cats and dogs in European households – the number of pets is now double the number of children under 15 in the EU – pet tech is becoming a €3+ billion euro, says Dalma co-founder Alban De Préville The industry “hasn’t had any actor yet to be a leader”.
Dalma’s raise is the second major pet tech raise in Europe in less than a month, after Sweden’s Lassie announced a €11 million funding round in May. Lassie has its own specialties when it comes to insurance – focusing on preventative healthcare and offering discounts to customers who participate in Lassie content. For example, if you read Lassie’s article on foods that are bad for dogs, like chocolate, you can get money from your next premium.
Enthusiasm for furry friends seems to be more than just a fad. Big-name VCs continue to hunt for deals in the pet tech space, where startups are valued more sober than their peers in more-hyped industries.
Eanna Kelly is a contributing editor at Sifted.his tweet from @EannaKelly1