A decade after becoming the first new independent health insurer in France in 30 years, Alan has closed a €100M round backed by Index Ventures, Shopify’s Tobi Lütke, and World Cup winner Antoine Griezmann, and it’s not slowing down.
Alan, the Paris-based health insurance startup, has raised €100 million ($116 million) in a new round that values the company at €5 billion ($5.83 billion), up from €4.5 billion when it last raised in September 2024.
The round was led by long-standing backer Index Ventures, joined by new institutional investors Greenoaks and Kaaf, a family office identified in the announcement only by initials, and SH. Business angels include Shopify founder Tobi Lütke and 2018 FIFA World Cup winner Antoine Griezmann.
Belgian bank and insurer Belfius, which led Alan’s previous Series F round and is also a distribution partner, also participated.
The company has been on a steep growth curve. Alan says it reached €785 million in annual recurring revenue in 2025, up 53% year-on-year, and is now targeting €1 billion in ARR in 2026.
It also says it has crossed one million members: employees, freelancers, and retirees covered through its health insurance and wellness platform in France, Belgium, Spain, and Canada.
France remains Alan’s largest market, and it is where the company has achieved a notable recent milestone. Alan says it has reached operational profitability in France, the country where it made history in 2016 as the first new independent insurance company to receive a licence since the 1980s.
The company is not yet profitable overall: it posted net losses of €61 million in 2023 and €56 million in 2024, though it says it has halved its losses as a percentage of revenue over the past twelve months and is approaching operating break-even across the group.
Rather than targeting full profitability in 2026, Alan says it is choosing to invest the headroom into international expansion and product development, including AI.
That AI emphasis is not incidental. CEO Jean-Charles Samuelian-Werve is also a co-founding advisor and board member of Mistral AI, the French AI champion.
Alan itself holds a stake in Mistral and has been deploying AI across its platform for years, including Mo, the AI health assistant launched for its 680,000-member base in late 2024.
Since the last raise, Alan has expanded its commercial footprint in meaningful ways. It won a contract to provide health insurance to up to 135,000 French civil servants and their dependants, a notable public-sector breakthrough.
In Belgium and Spain, where Alan counts HP and Volkswagen among its clients, the company is deepening its enterprise presence. In Canada, it received insurance licences across all provinces and has begun commercial operations; in February, it launched Alan Clinic, a mental health care service integrated directly into the app.
The round comes with a star-studded angel roster that speaks to the cultural weight Alan has acquired in France. Tobi Lütke built Shopify into a trillion-dollar commerce platform; Antoine Griezmann was part of France’s World Cup-winning squad in 2018.
Neither is a typical insurtech investor, but Alan has long positioned itself as a consumer brand as much as an insurance company, and the list reflects that ambition.
Alan was founded in 2016 by Samuelian-Werve and CTO Charles Gorintin. The company now has 740 employees and has raised approximately €750 million in total since inception.
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