One year and already two fundraisers. Dalma, the insurance company for dogs and cats, has just completed a new €15 million funding round led by the Swedish Northern District, together with German Venture A and Anterra Capital, a Dutch venture investment fund specializing in animal health.
Historic investors Global Founders Capital, Frst and Kima Ventures are back in the pot. This is Northzone’s third investment in France, after video game publisher Homa Games and Stonly, the software that makes it possible to create interactive guides. The Swede has invested in more than 150 startups including big names like Spotify, Klarna and Trustpilot.
This post from Northzone is not surprising because in Sweden, 91% of dogs and 56% of cats are insured. “They understood that this phenomenon was happening in France because the costs of veterinary medicine were going up,” explains Alban de Preville. Consultation requires at least 30 euros, 80 for a vaccine, and up to more than 1000 euros for a major operation…
The best veterinarians
Dalma offers full online insurance, which it says is 5-10% cheaper than its traditional and established competitors, SantéVet and Assur O’Poil (from €12.99 to €22.99, no discount). Like any self-respecting insurance company, they allow you to reimburse you very quickly – between 24 and 48 hours. Another peculiarity: the ability to chat via instant messaging with a veterinarian.
Dalma is an insurance broker and works with insurance company Seyna and insurance company Wakam. “Our priority is to be strong in distribution, community and brand creation. Becoming an insurance company is not in our roadmap,” the director notes. In one year, Dalma attracted 20 thousand customers (6 million annual installments) who came from social networks, comparisons and digital advertising. To reduce the cost of the acquisition, which reaches 100 euros, it will be subject to veterinarians. “They are the best prescribers,” says Alban de Preville.
Dalma also wants to pamper the vets a little more and is preparing to launch a third-party payment system. Instead of paying the costs, the customer takes a photo of the invoice to upload it to his Dalma app. Start paying the vet within a few hours.
A little bit of e-commerce
Assurtech doesn’t want to become a software provider for vets like Doctolib does for doctors. Instead, Dalma wants to become a “premium app” for pet owners. Soon it will add unlimited video calls with certified veterinarians, content about her animal’s health, nutrition or behavior, and also an e-commerce platform that allows daily product delivery.
“We do not aim to create our own products, but rather to go through partners who take care of managing logistics. A bit like Frichti did in delivering races”, sums up Alban de Preville.
This “super-application” model was also favored by Luko, who started with home insurance before offering other services around housing (searching for apartments, guaranteeing unpaid rents, etc.). It had only been offering pet insurance in Germany for a few weeks after the acquisition of rival Coya, which offered this product.
We will probably introduce it in France one day,” says Raphael Vollierme, president of Luko. In France, there are other multi-risk insurance companies that have a pet product, such as Lovys and Acheel. The competition is also held outside France with the British company Manitais (previously bought by many), which raised $350 million in 2021.
Dalma aims to launch not in the UK but in Germany at the start of the 2022 school year. “Veterinarians’ costs are going up there too,” the director notes. Its biggest competitor in France, SantéVet, which raised 150 million euros at the beginning of the year and is already established in Belgium, Germany and Spain, will open branches in Italy and the Netherlands this year. Delma plans to double its customer base and premiums by the end of the year.