Two and a half years after its initial €15M funding round, Dalma announces it has raised €20M in Series B. The insurtech, which aims to become a leader in pet insurance, is welcoming two French investment funds: Bpifrance Digital Venture and Breega. These are the first domestic funds to invest in Dalma. "Our historical investors are increasing their stakes in this round, and two new funds are joining us. Bpifrance is a fantastic brand, and Breega has a strong footprint in the insurance sector," says Alban de Préville, co-founder and CEO of Dalma.
The historical investors remain heavily involved in the development of the young French startup. There are three: Anterra Capital, a Dutch fund also invested in La Fourche, Northzone, a Swedish fund, and Project A, a German VC. "Anterra Capital is a fund specialising in animal health; they are experts in our industry and have already invested in pet medications," explains the CEO. "Project A is a reference fund for consumer businesses in Germany; we quickly realised that Germany would be our second market."
Towards European expansion
With offices in Paris and Berlin, Dalma already insures 60,000 animals. Launched in Germany a year and a half ago, the country now accounts for 25% of the startup’s revenue. Dalma's distribution model relies on animal care professionals: veterinarians, breeders, pet shops, trainers, etc. This innovative insurance model has allowed the young company to grow significantly in recent years. "We’ve increased by 7 times since our Series A," says Alban de Préville. "This distribution model has been well-received in the market. We are profitable in France, which is important to highlight in an industry where it can take a long time to achieve."
The second pillar of Dalma’s profitability is technology. Subscriptions are managed autonomously, and reimbursement processing is "almost" automated. "This is what has allowed us to increase the efficiency of our model and achieve profitability," explains the CEO. With this new funding round, Dalma aims to continue developing new features for its customers. "We’ve created a digital connection with veterinarians, allowing you to discuss your pet's health and well-being. It's a first step away from traditional insurance."
The next step: developing a marketplace on the app to sell products sourced by professionals serving animals. Dalma is also hiring to continue its growth: "We have growth challenges, and we want to become the reference in Germany." In the longer term, Alban de Préville is considering a broader international expansion. "France and Germany are the two largest markets in terms of dog and cat populations. There’s still a lot to be done, as less than 10% of animals are insured in these countries," concludes the entrepreneur.
