Alan’s health insurance startup is valued at €5 billion

Perhaps 30% of European unicorns have lost their multi-billion dollar status, but not Alan. The French health insurance startup is now worth €5 billion – about $5.83 billion, up from $4.5 billion in 2024.

Founded in 2016, Alan has grown to a team of 740 people serving 1 million employees, freelancers and retirees with health insurance and wellness services. Its app already allows users to manage reimbursements, access doctors, and track health habits. The company says it now has the means to “invest ambitiously, particularly in… [tech] and [AI]“, according to a statement from its CEO, Jean-Charles Samuelien Werve, who is also a co-founder advisor and board member of French artificial intelligence company Mistral AI.

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

Meanwhile, Alain won a contract to provide health insurance for up to 135,000 government employees and their relatives, in addition to private sector deals concluded both in France and abroad. The company claims to have reached €785 million — about $915 million — in annual recurring revenue in 2025, up 53% from the end of 2024.

Without sharing exact numbers, Alan also announced that it had reached operating profitability in its home country, where it was the first new independent insurer to obtain a license since the 1980s and which remains its largest market. The company has since expanded into Belgium and Spain, where it counts HP and Volkswagen as clients; And more recently, to Canada, where it is now licensed in all provinces and has begun commercial operations.

Overall, Alan says it is close to operating break-even. After recording net losses of $61 million in 2023 and $56 million in 2024, it claims to have halved its losses as a percentage of revenue over the past 12 months. With international expansion and product improvements as priorities, Alan aims to reach $1.16 billion in ARR in 2026 rather than profitability. It seems investors can live with this trade-off.