French Health Insurtech Alan Raises €100 Million (About $116 Million) at a €5 Billion Valuation, With €785 Million in Annual Recurring Revenue

Alan, the French digital health insurer, has raised fresh funding at a valuation of €5 billion. TechCrunch reported on March 11, 2026, that the company raised €100 million, or about $116 million, in a round led by its existing investor Index Ventures. The valuation of €5 billion is about $5.83 billion, up from $4.5 billion in 2024. This article summarises TechCrunch's report. An earlier version of this article dated the raise to June and described it as a sign that the venture market was cautious. The report we reviewed dates it to March 2026 and does not discuss the venture market, so both points have been corrected. The figures for revenue and losses are reported by TechCrunch from the company, and we have not seen audited accounts.

Who invested? New investors are Greenoaks, Kaaf and SH. The round also included business angels, including Shopify founder Tobi Lütke and the 2018 FIFA World Cup winner Antoine Griezmann. Belfius, a strategic partner that led the previous Series F, also took part. Jean-Charles Samuelian-Werve, the chief executive and co-founder, said the company can invest ambitiously, particularly in technology and AI. The article also names international expansion and product improvements as priorities.

How big is the business? Alan was founded in 2016 and has a team of 740 people. It serves 1 million employees, freelancers and retirees. Annual recurring revenue, or ARR, which is a measure of the yearly value of recurring subscriptions or premiums, reached €785 million, about $915 million, in 2025. That is up 53% from the end of 2024. The company aims for $1.16 billion in ARR in 2026, prioritising growth over profitability. It also won a contract to provide health insurance to up to 135,000 civil servants and their relatives.

Is Alan profitable? The company says it has reached operational profitability in France, its home and largest market, without disclosing exact figures. It says it is approaching operating break-even overall. Net losses were $61 million in 2023 and $56 million in 2024, and Alan says it has halved its losses as a percentage of revenue over the past 12 months. Because Alan has not disclosed net profit for 2025 in the report, we cannot say whether the company made a profit last year. Operating break-even and net profit are different measures, and readers should not treat them as the same.

Where does it operate? Alan operates in France, Belgium, Spain and Canada. In Canada, it is licensed in all provinces and has begun commercial operations. In Spain, its clients include HP and Volkswagen. TechCrunch notes that Alan was the first new independent insurance company licensed in France since the 1980s. That is a notable regulatory achievement, as insurance licensing is demanding and capital requirements are high. The chief executive is also a co-founding adviser and board member at the French AI company Mistral AI, according to the report.

What does it mean for the insurtech sector? Alan's results contrast with many insurtechs that have struggled to combine growth and profitability. A valuation of €5 billion for a business with €785 million ARR implies a multiple of about 6.4 times ARR, a figure we calculated from the reported numbers and not one that the company or its investors have stated. Such multiples depend heavily on growth expectations, and they can change quickly if growth slows.

What are the risks? Health insurance is regulated and heavily dependent on claims experience. Because its customers include corporate clients and a public-sector contract, it depends on those buyers continuing to purchase from it, and on regulators in each country. Expanding into new markets is costly and may reduce margins in the short term. Using AI in member service and claims raises questions about accuracy and privacy, particularly as the German court ruling on Google's AI Overviews, covered on this site, shows legal uncertainty over AI-generated statements. The TechCrunch report does not discuss these risks directly.

What should customers know? Employees covered through Alan can check their plan's benefits and the claims process with their employer. Alan's growth does not change the terms of any specific contract.

How does Alan's model work? According to the report, Alan's customers include employees, freelancers and retirees, and corporate clients such as HP and Volkswagen in Spain. It is part of a wider shift from traditional insurers and brokers to digital-first health insurers. The company's licence in France matters, because it means Alan carries insurance risk on its own balance sheet instead of acting only as an intermediary, though the report does not describe its reinsurance arrangements.

What else did the report say? Alan won a contract to provide health insurance to up to 135,000 civil servants and their relatives, which is a significant public-sector customer. It also said that growth in 2026 remains the priority over profitability, which means investors should expect continued spending on expansion.

This article summarises press reporting of a private company's funding round. It is not investment advice.