French health insurance unicorn Alan has secured a fresh $193 million in Series F funding led by Belgium’s Belfius Bank, which also brings a strategic distribution deal to the table.
Alan, a fast-growing French health insurance startup, has hit a $4.5 billion valuation after closing a €173 million ($193 million) Series F funding round. Leading the investment is Belfius, one of Belgium’s largest banks, which has also inked a distribution agreement with the startup, allowing Alan to expand its footprint in Belgium.
Some of Alan’s existing investors, including Ontario Teachers' Pension Plan’s Teachers’ Venture Growth, Temasek, Coatue, and Lakestar, also participated in the round.
Founded with the goal of optimizing health insurance in France, Alan has become known for automating claim processes and delivering a seamless user experience.
The company now covers over 500,000 users and offers additional health services like virtual doctor consultations and mental health support via its app. Alan has recently incorporated AI to further streamline operations.
The partnership with Belfius is seen as a strategic move to gain traction in Belgium, where Belfius will offer Alan’s health insurance services to its corporate and institutional clients. The bank’s vast network represents millions of potential new users for Alan’s insurance products.
“This privileged partnership with Belfius...opens the door to a new era for Alan in Belgium,” said CEO Jean-Charles Samuelian-Werve, citing the investment as a key driver for the company’s continued growth.
Alan has added 150,000 new customers this year, including high-profile clients such as the French Prime Minister’s office. With its annual recurring revenue expected to hit €450 million ($500 million) by the end of the year, the startup shows no signs of slowing down.
Despite its rapid expansion, Alan remains focused on balancing growth with its insurance obligations, with much of its revenue allocated to covering claims. However, its strategic moves, including the Belfius deal, are positioning the company for continued success in Europe’s health insurance market.