French insurtech company Alan reaches a valuation of €5 billion.

      A decade after emerging as France's first new independent health insurer in 30 years, Alan has successfully completed a €100 million funding round with support from Index Ventures, Shopify's Tobi Lütke, and World Cup champion Antoine Griezmann, and the momentum continues.

      The Paris-based health insurance startup has secured €100 million ($116 million) in a funding round that values the company at €5 billion ($5.83 billion), an increase from €4.5 billion during its previous raise in September 2024.

      This round was led by long-time supporter Index Ventures, with participation from new institutional investors Greenoaks and Kaaf, a family office referenced only by initials, and SH. Notable business angels include Tobi Lütke, founder of Shopify, and 2018 FIFA World Cup winner Antoine Griezmann.

      Belfius, the Belgian bank and insurer that led Alan's previous Series F round and serves as a distribution partner, also took part in this round.

      The company has experienced rapid growth, reporting €785 million in annual recurring revenue in 2025, reflecting a 53% year-on-year increase, and is now aiming for €1 billion in ARR by 2026.

      Alan also reports surpassing one million members, comprising employees, freelancers, and retirees covered through its health insurance and wellness platform in France, Belgium, Spain, and Canada.

      France is Alan’s primary market, where it recently achieved a significant milestone by reaching operational profitability. The company made history in 2016 as the first new independent insurance provider to receive a license since the 1980s.

      However, it is not yet profitable overall; it recorded net losses of €61 million in 2023 and €56 million in 2024. Still, Alan claims to have halved its losses as a percentage of revenue in the past year and is nearing operational break-even for the group.

      Instead of aiming for complete profitability in 2026, Alan plans to invest its available resources in international expansion and product advancement, particularly in AI.

      This focus on AI is significant, as CEO Jean-Charles Samuelian-Werve is also a co-founding advisor and board member of Mistral AI, a prominent French AI company.

      Alan itself has a stake in Mistral and has been integrating AI into its platform for several years, including the launch of Mo, the AI health assistant for its 680,000 members, introduced in late 2024.

      Since its last fundraising, Alan has made significant strides in expanding its commercial presence. It secured a contract to provide health insurance for up to 135,000 French civil servants and their families, marking a noteworthy breakthrough in the public sector.

      In Belgium and Spain, where Alan counts HP and Volkswagen among its clients, the company is enhancing its enterprise presence. In Canada, it has obtained insurance licenses across all provinces and commenced commercial operations; in February, it launched Alan Clinic, a mental health service integrated directly into the app.

      This funding round features a high-profile angel investor roster that highlights the cultural significance Alan has achieved in France. Tobi Lütke transformed Shopify into a trillion-dollar commerce platform, while Antoine Griezmann was part of the French national team that won the World Cup in 2018.

      Although neither is a conventional insurtech investor, Alan has consistently positioned itself as both a consumer brand and an insurance company, and this investor list underscores that ambition.

      Alan was founded in 2016 by Samuelian-Werve and CTO Charles Gorintin. The company now employs 740 people and has raised nearly €750 million in total since its inception.