30% of European unicorns may have lost their billion-dollar status, however not Alan. The French medical health insurance startup is now valued at €5 billion — roughly $5.83 billion, up from $4.5 billion in 2024.
Created in 2016, Alan has grown right into a staff of 740 individuals serving a million staff, freelancers and retirees with medical health insurance and wellness providers. Its app already lets customers handle reimbursements, entry docs and observe well being habits. The corporate says it now has the means to “make investments ambitiously, notably in [tech] and [AI],” in accordance to an announcement from its CEO, Jean-Charles Samuelian-Werve, who is additionally a co-founding advisor and board member at the French AI firm Mistral AI.
Alan’s newest valuation comes from a €100 million spherical ($116 million) led by current investor Index Ventures, joined by new buyers Greenoaks, Kaaf, and SH, together with enterprise angels together with Shopify founder Tobi Lütke and 2018 FIFA World Cup winner Antoine Griezmann. Belgian financial institution and insurance coverage firm Belfius, a strategic associate that led the earlier Sequence F spherical, additionally participated.
In the interim, Alan received a contract to present medical health insurance to up to 135,000 civil servants and their kin, including to private-sector offers struck in each France and overseas. The corporate claims it reached €785 million — roughly $915 million — in annual recurring income in 2025, up 53% from the finish of 2024.
With out sharing actual numbers, Alan additionally declared it reached operational profitability in its dwelling nation, the place it was the first new unbiased insurance coverage firm to get a license since the Nineteen Eighties and which stays its largest market. The corporate has since expanded into Belgium and Spain, the place it counts HP and Volkswagen as purchasers; and extra not too long ago, into Canada, the place it is now licensed throughout all provinces and has begun business operations.
Total, Alan says it is approaching working break-even. After registering web losses of $61 million in 2023 and $56 million in 2024, it claims to have halved its losses as a share of income over the previous 12 months. With worldwide growth and product enhancements as priorities, Alan is aiming to attain $1.16 billion in ARR in 2026 relatively than profitability. It appears buyers can reside with that trade-off.
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