French digital health insurer secures €100 million investment as it expands internationally and strengthens AI-driven healthcare services.
French health insurance startup Alan has reached a new milestone, achieving a valuation of €5 billion (approximately $5.83 billion) following its latest funding round. The company’s valuation has grown from €4.5 billion in 2024, reflecting strong investor confidence despite recent reports suggesting that a significant portion of European unicorn startups may have lost their billion-dollar status.
Founded in 2016, Alan has developed into a fast-growing digital health insurance provider with a workforce of around 740 employees. The company currently serves nearly one million individuals, including employees, freelancers, and retirees, offering a range of health insurance and wellness services through its digital platform.
Alan’s mobile application enables users to manage insurance reimbursements, connect with healthcare professionals, and monitor their health habits. According to CEO and co-founder Jean-Charles Samuelian-Werve, the new capital will allow the company to accelerate investment in advanced technologies, particularly artificial intelligence and digital healthcare solutions.
The €100 million (about $116 million) funding round was led by existing investor Index Ventures. New participants included Greenoaks, Kaaf, and SH, along with notable business angels such as Shopify founder Tobi Lütke and French football star Antoine Griezmann, a member of the 2018 FIFA World Cup-winning team. Belfius, the Belgian bank and insurance group that led Alan’s previous Series F funding round, also joined the latest investment.
Since its last funding round, Alan has secured several strategic contracts, including a major agreement to provide health insurance services to up to 135,000 civil servants and their families. The company has also continued to expand its presence in the private sector across France and international markets.
Financially, the company has reported strong growth. Alan stated that it reached €785 million (approximately $915 million) in annual recurring revenue in 2025, representing a 53% increase compared with the end of 2024. While exact figures were not disclosed, the company also reported achieving operational profitability in France, its primary market. Notably, Alan was the first independent insurance company to receive a license in France since the 1980s.
Beyond France, Alan has expanded operations into Belgium and Spain, where global companies such as HP and Volkswagen are among its clients. More recently, the company entered the Canadian market, obtaining licenses across all provinces and beginning commercial operations.
Although Alan recorded net losses of $61 million in 2023 and $56 million in 2024, the company reports that it has significantly reduced losses relative to revenue over the past year. As it continues to invest in product development and international expansion, Alan expects to approach operating break-even.
Looking ahead, the company aims to increase its annual recurring revenue to approximately $1.16 billion by 2026. For now, investors appear comfortable supporting the strategy of prioritizing growth and technological innovation over immediate profitability.
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