New updates have been reported about Alan.
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Alan has secured a new €100 million funding round that lifts its valuation to €5 billion, up from €4.5 billion in 2024, underscoring investor confidence at a time when many European unicorns are being marked down. The French digital health insurer, founded in 2016, now serves about one million users and employs 740 staff, and its CEO Jean-Charles Samuelian-Werve says the fresh capital will be used to step up investment in technology and artificial intelligence.
The round was led by existing backer Index Ventures and joined by new investors Greenoaks, Kaaf, SH, and several high-profile angels, while strategic partner Belfius also participated, reinforcing its alignment with Alan’s growth plans. Alan reports that it has reached €785 million in annual recurring revenue for 2025, a 53% increase over year-end 2024, supported by a major new mandate covering up to 135,000 civil servants and their families plus expanding private-sector contracts in France and abroad.
Operationally, Alan says it has achieved profitability in France, its largest and most mature market, where it was the first independent insurer to obtain a license since the 1980s, even as it continues to invest heavily in growth. The company has expanded into Belgium and Spain, where it counts large multinationals such as HP and Volkswagen among its customers, and it has recently entered Canada with licenses now in place across all provinces and initial commercial activity underway.
Despite prior net losses of $61 million in 2023 and $56 million in 2024, Alan states that it has halved its losses as a proportion of revenue over the last year and is approaching overall operating break-even. Management is explicitly prioritizing scaling ARR to about $1.16 billion in 2026 over near-term full profitability, a trade-off current investors appear willing to support given the company’s growth profile, strengthening unit economics, and strategic focus on AI-enabled health and insurance services.