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

      A decade after establishing itself as France's first new independent health insurer in 30 years, Alan has secured a €100 million funding round, supported by Index Ventures, Shopify’s Tobi Lütke, and World Cup champion Antoine Griezmann, showing no signs of slowing down.

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

      The funding round was led by long-time investor Index Ventures, with participation from new institutional investors Greenoaks and Kaaf, a family office identified only by initials, and SH. Among angel investors are Shopify founder Tobi Lütke and 2018 FIFA World Cup winner Antoine Griezmann.

      Additionally, Belfius, a Belgian bank and insurer that led Alan’s prior Series F round and acts as a distribution partner, has also taken part in this round.

      Alan has experienced rapid growth, reporting €785 million in annual recurring revenue for 2025, marking a 53% increase year-over-year, and is aiming for €1 billion in ARR by 2026.

      The company also noted that it has surpassed one million members, including employees, freelancers, and retirees, who are covered through its health insurance and wellness platform operating in France, Belgium, Spain, and Canada.

      France continues to be Alan’s primary market, where the company recently achieved an important milestone by attaining operational profitability. Alan made headlines in 2016 when it became the first new independent insurance provider to receive a license in the country since the 1980s.

      However, it has not yet reached overall profitability, incurring net losses of €61 million in 2023 and €56 million in 2024. Despite this, Alan claims to have halved its losses as a portion of revenue over the past year and is nearing operational break-even across the entire group.

      Rather than focusing on full profitability in 2026, Alan plans to reinvest its funds into international expansion and product development, including artificial intelligence (AI).

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

      Alan has a stake in Mistral and has been integrating AI throughout its platform for years, launching Mo, an AI health assistant, for its 680,000-member base in late 2024.

      Since its last funding round, Alan has broadened its commercial reach significantly, securing 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 notable clients include HP and Volkswagen, Alan is enhancing its enterprise presence. In Canada, it has obtained insurance licenses across all provinces and has commenced commercial operations; in February, it unveiled Alan Clinic, a mental health service directly integrated into the app.

      This funding round features a notable roster of angel investors, highlighting Alan's cultural significance in France. Tobi Lütke transformed Shopify into a trillion-dollar commerce platform, while Antoine Griezmann was a member of the French squad that won the World Cup in 2018.

      Neither investor is a typical player in the insurtech space, but Alan has consistently presented itself as a consumer brand alongside its insurance offerings, a reflection of its ambitions.

      Founded in 2016 by Samuelian-Werve and CTO Charles Gorintin, Alan now employs 740 staff and has raised about €750 million in total since its inception.