Alan: A Health Insurance Unicorn on the Rise
European unicorns are facing a challenging time, with 30% potentially losing their billion-dollar status. However, one company that is bucking this trend is Alan, a French health insurance startup that is now valued at an impressive €5 billion, approximately $5.83 billion, up from $4.5 billion in 2024.
Established in 2016, Alan has experienced significant growth, expanding its team to 740 employees and serving one million individuals, including employees, freelancers, and retirees, with health insurance and wellness services. The company’s app allows users to manage reimbursements, access doctors, and track health habits. CEO Jean-Charles Samuelian-Werve stated that Alan now has the resources to invest ambitiously in technology and artificial intelligence.
Alan’s latest valuation was the result of a €100 million round ($116 million) led by existing investor Index Ventures, with new investors Greenoaks, Kaaf, and SH, as well as business angels such as Shopify founder Tobi Lütke and 2018 FIFA World Cup winner Antoine Griezmann, also participating. Belgian bank and insurance company Belfius, a strategic partner that led the previous Series F round, also joined the round.
In addition to its fundraising success, Alan secured a contract to provide health insurance to up to 135,000 civil servants and their families, further expanding its reach in the public sector. The company reported reaching €785 million, approximately $915 million, in annual recurring revenue in 2025, a 53% increase from the previous year.
Alan also achieved operational profitability in its home country of France, where it holds the distinction of being the first new independent insurance company to receive a license since the 1980s. The company has since expanded into Belgium and Spain, serving clients such as HP and Volkswagen, and recently entered the Canadian market, where it is now licensed across all provinces and has commenced commercial operations.
Despite incurring net losses of $61 million in 2023 and $56 million in 2024, Alan claims to have significantly reduced its losses as a percentage of revenue over the past year. With a focus on international expansion and product enhancements, Alan aims to achieve $1.16 billion in annual recurring revenue in 2026, prioritizing growth over immediate profitability.
Overall, Alan’s success story showcases its resilience and strategic vision in the competitive health insurance market. With a strong investor backing and a commitment to innovation, Alan is poised for continued growth and impact in the years to come.
