Health insurer Alan raises €100 million at €5 billion valuation

French health insurance startup Alan has raised a €100 million ($116 million) funding round, bringing its valuation to €5 billion (approximately $5.83 billion). The funding round was led by existing investor Index Ventures. New investors Greenoaks, Kaaf, and SH joined the round, alongside strategic partner and Belgian bank and insurance company Belfius. Business angel investors Shopify founder Tobi Lütke and footballer Antoine Griezmann also participated. The new valuation marks an increase from the company’s $4.5 billion valuation in 2024, standing out in a European market where thirty percent of unicorns may have lost their billion-dollar status.

The company, which was created in 2016 and now has a team of 740 people serving 1 million employees, freelancers, and retirees, reports strong financial momentum. To break down its current financial position:

• Valuation: Reached €5 billion (approximately $5.83 billion), up from $4.5 billion in 2024.
• Annual Recurring Revenue (ARR): Reached €785 million (approximately $915 million) in 2025, representing a 53% increase from the end of 2024.
• Net Losses: Reduced to $56 million in 2024, down from $61 million in 2023.

While Alan has reached operational profitability in France—its home country, largest market, and where it was the first independent insurance company to receive a license since the 1980s—it is still working toward overall operating break-even. The company claims to have halved its losses as a percentage of revenue over the past 12 months and is currently approaching operating break-even.

With operations spanning France, Belgium, Spain, and Canada, Alan is focusing on product improvements and international expansion. In Belgium and Spain, the company counts HP and Volkswagen as clients, and it has recently begun commercial operations in Canada after securing licenses across all provinces. Additionally, the company recently won a contract to cover up to 135,000 civil servants and their relatives. According to CEO Jean-Charles Samuelian-Werve, who is also an adviser to French AI company Mistral AI, the new funding gives the company the means to “invest ambitiously, particularly in [tech] and [AI].” Rather than prioritizing immediate overall profitability, Alan is aiming to reach $1.16 billion in ARR in 2026.

Why it matters

Alan’s ability to secure a €5 billion valuation during a period where many European unicorns have struggled highlights the resilience of its business model. By prioritizing international expansion and product development over immediate net profitability, the company is positioning itself to scale toward its $1.16 billion ARR target.