French health insurtech Alan has reached a valuation of €5 billion (approximately $5.83 billion) following a new €100 million ($116 million) funding round, reinforcing its position as one of Europe’s most valuable insurance startups.
Founded in 2016, Alan has expanded into a team of around 740 employees and now serves more than one million customers, including employees, freelancers, and retirees. Through its digital platform, users can manage reimbursements, consult doctors, and monitor health and wellness activities directly through the company’s mobile app.
The latest investment was led by existing backer Index Ventures, with participation from new investors Greenoaks, Kaaf, and SH, alongside strategic partner Belfius, the Belgian bank and insurer that previously led Alan’s Series F round. The funding also attracted high-profile angel investors including Shopify founder Tobi Lütke and French footballer Antoine Griezmann, a member of the 2018 FIFA World Cup-winning team.
According to CEO Jean-Charles Samuelian-Werve, the fresh capital will enable the company to increase investment in technology and artificial intelligence, strengthening its digital health platform and insurance capabilities. Samuelian-Werve is also a co-founding advisor and board member at AI company Mistral AI, highlighting Alan’s growing focus on AI-driven innovation.
The funding follows a period of strong commercial growth. Alan reported €785 million (around $915 million) in annual recurring revenue (ARR) for 2025, representing a 53% increase year-on-year. The company also recently secured a major contract to provide health insurance coverage for up to 135,000 French civil servants and their families, adding to its growing portfolio of private-sector clients.
While France remains its core market where Alan became the first new independent health insurer to receive a licence since the 1980s the company has expanded internationally. It now operates in Belgium and Spain, serving corporate clients such as HP and Volkswagen, and has also entered Canada, where it is licensed in all provinces and has begun commercial operations.
Financially, Alan says it has reached operational profitability in France and is approaching overall operating break-even. The company reported net losses of $61 million in 2023 and $56 million in 2024, but says losses as a share of revenue have been cut by half over the past year.
Looking ahead, Alan plans to prioritise international expansion and continued product development, targeting $1.16 billion in ARR by 2026, even if that means delaying full profitability. Investors appear supportive of this strategy as the company continues scaling its digital health and insurance platform globally.
