French health insurance startup Alan has successfully raised €100 million (approximately $116 million) in a new funding round, boosting its valuation to €5 billion (approximately $5.83 billion). This marks an increase from its September 2024 valuation of €4.5 billion. The round was spearheaded by existing investor Index Ventures, with new institutional investors Greenoaks, Kaaf, and SH also participating. Prominent business angels, including Shopify founder Tobi Lütke and 2018 FIFA World Cup winner Antoine Griezmann, also contributed, alongside strategic partner Belfius, a Belgian bank and insurance company that led the previous Series F round.
Alan, founded in 2016, has grown significantly, now employing a team of 740 and serving 1 million individuals across France, Belgium, Spain, and Canada with health insurance and wellness services. The company reported reaching €785 million (approximately $915 million) in annual recurring revenue (ARR) in 2025, representing a 53% year-over-year increase. It aims to achieve $1.16 billion in ARR in 2026. While France remains its largest market and has achieved operational profitability, Alan is not yet profitable overall, incurring net losses of $61 million in 2023 and $56 million in 2024. However, it claims to have halved its losses as a percentage of revenue over the past year and is approaching operating break-even across the group.
The startup plans to strategically invest the new capital, particularly focusing on international expansion and product development, including advancements in AI. Its CEO, Jean-Charles Samuelian-Werve, who is also a co-founding adviser and board member at French AI company Mistral AI, emphasized the company's commitment to ambitious investment in technology and AI. Alan has already expanded its commercial footprint by securing a contract to provide health insurance to up to 135,000 French civil servants and their relatives, and has established a presence in Belgium and Spain, serving clients like HP and Volkswagen. More recently, it expanded into Canada, where it is licensed across all provinces and launched Alan Clinic, a mental health service integrated into its app.
