French healthtech unicorn Alan has raised a €173m Series F that has seen the company’s valuation jump to €4bn.
Alan, which provides health insurance for businesses and their employees, was last valued at €2.7bn when it raised a €183m Series E in 2022. The company has raised a total €654m since it launched in 2016.
The latest round was led by Belgian bank and insurer Belfius, and included participation from existing investors such as Canadian pension fund Ontario Teachers’ Pension Plan (OTPP), Singaporean investor Temasek, global investor Coatue and European VC Lakestar.
Belfius and Alan have also signed a distribution partnership meaning that the healthtech will be able to offer its services to the Belgian bank’s corporate and institutional clients. This represents “millions” of employees, according to Alan. Over time, Alan will also provide coverage to Belfius’s 7,000 employees.
Alan’s governance remains unchanged, according to the company, with cofounders Jean-Charles Samuelian-Werve and Charles Gorintin and employees remaining the largest shareholders — with 40% of the capital and the majority of voting rights.
A change of plans
The French unicorn told Sifted in February that it had no plans to raise again, and that it was instead focused on reaching profitability across the company by 2026.
“To keep to our plan, maintain [our current] level of growth and reach profitability, we don’t need to raise money,” Samuelian-Werve told Sifted at the time. “We have received unsolicited offers from investors and we sometimes consider them so it is not impossible, but for now it is not our strategy.”
He also said at the time that consolidating Alan’s position in its existing markets — France, Spain and Belgium — was a priority.
“This privileged partnership with Belfius […] opens the door to a new era for Alan in Belgium,” Samuelian-Werve said in a press release about the latest news.
The healthtech plans to hire 25 employees in Belgium over the coming months; its current headcount is 600. It says that its objective to reach profitability by 2026 remains unchanged.
What’s next for Alan?
With this latest injection of capital, Alan plans to continue expanding internationally and to develop new tools as part of its offering.
The healthtech is especially keen to deploy AI in its products, and says that the technology will enable more personalised services and faster processing of claims.
Currently serving 650k employees across 23k businesses, Alan last reported revenue of €350m and net losses of €59m in 2023. It is targeting 40% revenue growth in 2024.
