Alan’s health insurance startup is worth €5B

30% of European unicorns they may have lost their billion dollar reputationbut no Alani. The start of health insurance in France is worth €5 billion – about $5.83 billion, from $4.5 billion in 2024.

It was created in 2016Alan has grown into a 740-person organization serving over one million employees, freelancers and retirees with health insurance and health services. Its app allows users to make payments, find doctors and track their activities. The company said it now has a “deliberate investment strategy, especially in (tech) and (AI),” according to its CEO, Jean-Charles Samuelian-Werve, who is also a founding advisor and board member at the French AI company. Mistral AI.

Alan’s latest valuation comes from a €100 million ($116 million) round led by investor Index Ventures, joined by new investors Greenoaks, Kaaf, and SH, along with business angels including Shopify founder Tobi Lütke and World Cup 2018 FIFA winner Antoine Griezmann. Belgian bank and insurance company Belfius, a partner that led the previous Series F round, participated.

Meanwhile, Alan secured a contract to provide health insurance for 135,000 public sector workers and their family members, increasing the business done in France and abroad. The company says it has reached €785 million – about $915 million – in annual revenue in 2025, up 53% from the end of 2024.

Without sharing specific figures, Alan also announced that it has reached profitability in its home country, where it was the first independent insurance company to obtain a license since the 1980s and remains its largest market. The company expanded into Belgium and Spain, where it counted HP and Volkswagen as customers; and more recently, in Canada, where it is now licensed in all provinces and has begun commercial operations.

All in all, Alan says it’s nearing the end of the job. After registering the losses of $61 million in 2023 and $56 million in 2024it says it has halved its losses as a proportion of its earnings over the past 12 months. With global growth and product development as priorities, Alan aims to reach $1.16 billion in ARR in 2026 instead of profit. It appears that investors may own the product.