Paris-based health insurance partner Alan has raised €173M in a Series F funding round led by Belfius, a Belgian Federal State-owned bank insurer. With this round, the company has reached a valuation of €4B.
Besides Belfius, the round also saw participation from existing investors including OTPP via Teachers’ Venture Growth, Temasek, Coatue, and Lakestar, as well as notable French and international entrepreneurs.
Alan retains full control of its cash flow and aims to achieve group profitability by 2026. This raised capital will accelerate its growth, enhance its technological advantage, and support international expansion.
The company’s governance remains unchanged, with the founders and employees holding over 40 per cent of the capital and the majority of voting rights.
Alan: One-stop health partner
Frustrated by the complexities of health services, entrepreneur Jean-Charles Samuelian and former Twitter data scientist Charles Gorintin founded Alan in February 2016.
They launched a fully digital insurance product and received official approval in October 2016, becoming the first independent insurance company licensed by the ACPR since 1986.
The company’s offerings include personalised prevention plans, a virtual clinic, and an online optical centre. It leverages technology to simplify access to care, with an average response time of two minutes and 80 per cent of reimbursements processed in under an hour.
Initially targeting small businesses and startups, Alan expanded to self-employed individuals in March 2017 and the hotel and restaurant sector in September 2019. In 2020, the company opened offices in Spain and Belgium and began serving larger companies in France.
With 600 employees, currently, the company serves over 650,000 members and 23,000 businesses across France, Spain, and Belgium. It is also projected to reach €450M in annual recurring revenues by 2024.
To date, Alan has raised a total of €440M in funding from investors including Index Ventures and Temasek.
A strategic partnership!
Alan and Belfius have formed a strategic partnership, allowing Alan to serve Belfius’ corporate and institutional clients, covering millions of employees and extending services to Belfius’ 7,000 employees.
The partnership includes a distribution agreement, making Alan Belfius’ preferred partner for insurance and health services. Alan also plans to hire over 25 strategic employees in Belgium to support growth.
The agreement aims to transform the healthcare sector by leveraging Alan’s strengths in prevention, insurance, and daily care, while also enhancing its position in health insurance innovation and AI through personalised, AI-driven services.
Jean-Charles Samuelian, CEO of Alan, says, “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.”
“We would like to thank Marc Raisière, their CEO, and the entire team for their trust and commitment. We are confident that our shared vision—‘Love your people, boost your business’—will enable us to positively transform the healthcare system in Belgium.”
Brief about Belfius
Belfius Bank and Insurance is a financial institution in Belgium, with 160 years of expertise in the public sector and 60 years in serving private customers.
Owned by the Belgian Federal State, Belfius employs over 10,000 dedicated staff members and operates more than 450 branches nationwide.
In 2023, the bank reported a net result of €1.115B. Belfius is a partner to one-third of the Belgian population, serving 3.8 million private individuals, self-employed people, and SMEs.
It claims to be a leading player in the Corporate and Business market, as well as in the public and non-profit sectors and is recognised for its presence in Life and Non-Life insurance, along with its role as a reference bank for Private and Wealth Management.
Speaking about the investment in Alan, Marc Raisière, CEO of Belfius, says, “At Belfius, we firmly believe in the power of European talent in artificial intelligence, their revolutionary potential for the banking and insurance industries, and for society as a whole.”
“I am delighted to announce our strategic partnership with Alan, a healthcare pioneer in Europe. Together with Jean-Charles Samuelian and the Alan team, we are ushering in a new era of employee well-being and business success.”
“By combining their cutting-edge technology with our commitment to innovation, we are investing in the peace of mind, productivity, and growth of everyone’s most precious asset: people. This is how we can bring meaning and inspiration to Belgian society, together,” adds Raisière.
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