French insurtech Alan reaches a valuation of €5 billion.

      A decade after becoming the first new independent health insurer in France in 30 years, Alan has successfully closed a €100 million round, with backing from Index Ventures, Shopify’s Tobi Lütke, and World Cup champion Antoine Griezmann, and shows no signs of slowing down. The Paris-based health insurance startup has raised €100 million ($116 million) in this new funding round, resulting in a company valuation of €5 billion ($5.83 billion), an increase from €4.5 billion during its last funding in September 2024.

      The funding round was led by the longtime supporter Index Ventures, along with new institutional investors Greenoaks and Kaaf, a family office referred to only by initials in the announcement, as well as SH. Angel investors include Shopify founder Tobi Lütke and 2018 FIFA World Cup winner Antoine Griezmann. Belfius, a Belgian bank and insurer that led Alan’s previous Series F round and serves as a distribution partner, also took part.

      Alan has experienced rapid growth, stating that it achieved €785 million in annual recurring revenue in 2025, a 53% increase compared to the previous year, and is now aiming for €1 billion in ARR by 2026. The company claims to have surpassed one million members, which include employees, freelancers, and retirees covered by its health insurance and wellness platform in France, Belgium, Spain, and Canada.

      France remains Alan’s largest market, where it has recently reached a significant milestone of operational profitability, having made history in 2016 as the first new independent insurance company to be licensed since the 1980s. However, the company is not yet profitable overall, as it reported net losses of €61 million in 2023 and €56 million in 2024, although it notes a significant reduction in losses as a percentage of revenue over the past year, nearing operational break-even across the group.

      Instead of aiming for complete profitability in 2026, Alan plans to invest in international expansion and product development, including AI technology. This focus on AI is significant, particularly as CEO Jean-Charles Samuelian-Werve is also a co-founding advisor and board member of Mistral AI, a prominent AI company in France. Alan holds a stake in Mistral and has been incorporating AI into its platform for years, highlighted by the launch of Mo, its AI health assistant for its 680,000-member base in late 2024.

      Since its previous funding, Alan has broadened its commercial reach in substantial ways. The company secured a contract to provide health insurance for up to 135,000 French civil servants and their dependents, marking a significant achievement in the public sector. In Belgium and Spain, where Alan counts HP and Volkswagen as clients, it is enhancing its enterprise presence. In Canada, it has obtained insurance licenses in all provinces and begun commercial operations; it launched Alan Clinic, a mental health service directly integrated into the app in February.

      This funding round included a notable roster of angel investors, underscoring Alan's growing cultural significance in France. Tobi Lütke developed Shopify into a trillion-dollar commerce platform, while Antoine Griezmann was part of France’s World Cup-winning team in 2018. Both may not be typical insurtech investors, but Alan has consistently presented itself as a consumer brand alongside being an insurance provider, and this investor list reflects that goal.

      Alan was founded in 2016 by Samuelian-Werve and CTO Charles Gorintin and now has 740 employees, having raised around €750 million in total since its inception.