Health insurance startup Alan reaches $4.5B valuation with new $193M funding round

Date:

Share post:


Alan, the French insurance unicorn, just signed a multi-faceted deal with Belfius, one the largest banks in Belgium, that includes a distribution partnership along with a significant financial investment in the startup.

Belfius is leading Alan’s Series F funding round of €173 million (around $193 million at current exchange rates). Some of Alan’s existing investors are participating once again, namely OTPP via Teachers’ Venture Growth, Temasek, Coatue and Lakestar.

If you aren’t familiar with Alan, the company originally started with a health insurance product that complements the national healthcare system in France. French companies must provide health insurance to all their employees when they join.

Alan has optimized its core product as much as possible so that its user experience is much better than a legacy insurance provider’s. For instance, Alan has automated many parts of the claim management system. In some cases, you get a reimbursement on your bank account just a minute after leaving the doctor’s office.

Over time, the company added other health-related services, such as the ability to chat with doctors, order prescription glasses, and use preventive care content on mental health, back pain and more via its mobile app. More recently, the company has turned to AI to increase its productivity.

Earlier this year, Alan shared some metrics about the company’s performance. The company had said that over 500,000 people were covered by Alan’s insurance products, and it could reach profitability without raising another funding round.

But Alan said the partnership with Belfius was a good opportunity to grow its customer base in Belgium — the bank will offer the startup’s health insurance products to its own corporate and institutional clients, which represent millions of employees.

“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 allow us to accelerate our development and expand our capacity to offer cutting-edge, accessible health products and services to a wide audience,” Alan’s co-founder and CEO, Jean-Charles Samuelian-Werve, said in a statement.

Since February, Alan has added another 150,000 customers, including at the Prime Minister’s office in France. It expects its annual recurring revenue to reach €450 million (around $500 million) this year.

However, Alan isn’t a typical software-as-a-service company, and most of its revenue is set aside to fulfill insurance claims. Still, one thing is for sure — the company’s growth doesn’t seem to be slowing down.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Donald Trump announces Elon Musk will co-lead Department of Government Efficiency

President-elect Donald Trump announced on Tuesday that Elon Musk will co-lead the Department of Government Efficiency, the...

NASA awards ‘sustainable’ aircraft concepts $11.5M

The future of aircraft may look very similar to today’s superficially — but under the hood (or...

Apple reportedly releasing a wall-mounted smart home tablet in 2025 – and yes, it does AI

Apple is gearing up to announce a new smart home hub, according to Bloomberg’s Mark Gurman. As...

TechCrunch Space: Nothing to see here!

Hello, and welcome back to TechCrunch Space. There was absolutely no news last week because nothing happened. Just...

23andMe cuts 40% of staff in restructuring

23andMe announced on Monday it would cut 40% of its workforce, representing more than 200 employees, as...

Generative disinfo is real — you’re just not the target, warns deepfake tracking nonprofit

Many feared that the 2024 election would be affected, and perhaps decided, by AI-generated disinformation. While there...

The Rivian-Volkswagen joint venture deal is now up to $5.8B

Rivian and Volkswagen Group have finalized a multi-billion-dollar joint venture to develop software, paving the way to...

Anysphere acquires Supermaven to beef up Cursor

Anysphere, the company behind Cursor, has acquired AI coding assistant Supermaven for an undisclosed sum. Anysphere CEO Michael Truell...