Health insurance startup Alan reaches €5B valuation

Despite a significant number of European unicorns experiencing declines in their valuations, French health insurance startup Alan has defied the trend, achieving a remarkable €5 billion valuation, equivalent to approximately $5.83 billion. This marks an increase from its previous valuation of €4.5 billion in 2024. Founded in 2016, Alan has rapidly expanded its operations, now employing a workforce of 740 and providing health insurance and wellness services to a diverse clientele of one million employees, freelancers, and retirees. Their innovative app empowers users to manage reimbursements, consult with doctors, and monitor their health habits efficiently. CEO Jean-Charles Samuelian-Werve, who is also a co-founder and board member of Mistral AI, emphasized the company’s commitment to ambitious investments in technology and artificial intelligence. Alan's latest financing round raised €100 million (about $116 million), led by existing backer Index Ventures, alongside new investors Greenoaks, Kaaf, and SH. Notable business figures, including Shopify's Tobi Lütke and World Cup champion Antoine Griezmann, also joined the funding effort. In addition to securing substantial investments, Alan has recently won a contract to provide health insurance for up to 135,000 civil servants and their families, complementing its private-sector partnerships in France and abroad. The company reported an impressive €785 million (approximately $915 million) in annual recurring revenue for 2025, reflecting a 53% growth from the end of 2024. Alan proudly announced its operational profitability in France, the first independent insurance company to receive a license since the 1980s, which continues to be its largest market. The company has successfully expanded into Belgium and Spain, gaining clients like HP and Volkswagen, and recently ventured into Canada, where it is now operational across all provinces. As Alan focuses on international growth and enhancing its product offerings, the company has set its sights on achieving $1.16 billion in annual recurring revenue by 2026, prioritizing growth over immediate profitability. Investors appear to support this strategic approach, allowing Alan to navigate its path forward with confidence.