French health insurtech Alan has reached a valuation of €5 bn, or about $5.83 bn, after a new €100 mn funding round. The raise strengthens its standing as one of Europe’s most highly valued insurance startups.
Founded in 2016 and first new health insurance player licensed since 1986 in France, Alan has quickly become a key health partner, providing insurance, prevention, and daily care.
With 740+ employees, Alan operates in France, Spain, Belgium and Canada, serving 1M+ members and 37,000 businesses.
Offering a unique service focused on physical and mental well-being, Alan leverages technology to simplify access to care, achieving an exceptional level of customer satisfaction, notably thanks to an average response time of 20 seconds by phone (90% of the case) minutes and 99% of reimbursements within a day, with 70% in less than 1 hour.
Through its digital platform, users manage reimbursements, consult doctors, and track health and wellness activity through the company’s mobile app.
The latest round was led by existing investor Index Ventures. New investors Greenoaks, Kaaf, and SH also joined the financing. Strategic partner Belfius participated as well, after previously leading Alan’s Series F round.
The raise also brought in prominent angel investors, including Shopify founder Tobi Lütke and French soccer player Antoine Griezmann, part of France’s 2018 World Cup-winning squad.
Chief executive Jean-Charles Samuelian-Werve said the new capital will support heavier investment in technology and artificial intelligence.
The company wants to strengthen both its digital health platform and its insurance capabilities. Samuelian-Werve also serves as a co-founding adviser and board member at Mistral AI, which adds another signal around Alan’s AI focus.
The funding follows a period of strong commercial expansion. Alan reported €785 mn, or about $915 mn, in annual recurring revenue for 2025. That marked a 53% increase from the prior year.
The company also secured a major contract to provide health insurance coverage for as many as 135,000 French civil servants and their families. That deal adds to a growing base of private-sector clients.
France remains Alan’s main market. The company became the first new independent health insurer licensed there since the 1980s. It has also expanded beyond France.
Alan now operates in Belgium and Spain, serving corporate clients such as HP and Volkswagen. The company has also entered Canada, where it is licensed in every province and has already started commercial operations.
In addition to its insurance offering, Alan provides innovative services such as personalized prevention plans, a virtual clinic available 7/7, an online optical center, and numerous ongoing innovations. Valued at €5 bn, Alan is experiencing strong growth in its annual recurring revenue (785 mn in Q4 2025).
Financially, Alan says it has reached operational profitability in France and is moving closer to overall operating break-even.
The company posted net losses of $61 mn in 2023 and $56 mn in 2024. It also said losses as a share of revenue were cut in half over the past year.
Looking ahead, Alan plans to focus on international expansion and continued product development. The company is targeting $1.16 bn in annual recurring revenue by 2026, even if that means pushing full profitability further out.
Investors appear comfortable with that strategy as Alan continues scaling its digital health and insurance platform internationally.
