Alan, the French health insurance startup, has secured a significant €173 million (approximately $193 million) in its Series F funding round. This investment has boosted the company’s valuation to an impressive €4 billion ($4.5 billion). Belfius, one of Belgium’s largest banks, led the funding round, with participation from existing investors such as Ontario Teachers’ Pension Plan, Temasek, Coatue, and Lakestar.
As part of the deal, Alan has formed a strategic distribution partnership with Belfius. This collaboration will allow Alan to offer its health insurance products to Belfius’s corporate and institutional clients, potentially reaching millions of employees in Belgium. Additionally, Alan will provide coverage to Belfius’s own 7,000 employees.
Alan, founded in 2016, has revolutionized the health insurance industry in France by offering a superior user experience compared to traditional providers. The company has automated many aspects of the claim management system, enabling quick reimbursements directly to bank accounts, sometimes within minutes of leaving the doctor’s office. Over time, Alan has expanded its offerings to include various health-related services such as chatting with doctors, ordering prescription glasses, and accessing preventive care content through its mobile app.
Alan partners with Belfius for expansion
The company has also leveraged AI to enhance productivity. Jean-Charles Samuelian-Werve, Alan’s co-founder and CEO, expressed his enthusiasm about the partnership with Belfius, stating, “This privileged partnership with Belfius, whose transformation over the past decade has been truly inspiring, opens the door to a new era for Alan in Belgium.
Belfius’ investment will accelerate our development and expand our capacity to offer cutting-edge, accessible health products and services to a wide audience.”
Alan’s impressive growth is evident, with over 500,000 people currently covered under its insurance products. The company expects its annual recurring revenue to reach €450 million (approximately $500 million) this year. Despite not being a typical software-as-a-service company, Alan’s growth trajectory remains strong, with a significant portion of its revenue allocated for fulfilling insurance claims.
With the new capital, Alan plans to expand internationally and develop advanced tools, particularly AI-driven personalized services and faster claims processing. The company currently serves 650,000 employees across 23,000 businesses and reported €350 million in revenue and €59 million in net losses in 2023. Alan targets a 40% revenue growth in 2024.
Alan’s strategic objectives include consolidating its position in existing markets — France, Spain, and Belgium — and driving towards profitability. The company also remains focused on leveraging AI to enhance its service offerings.
