Alan raises €480M and crosses the €5.5 billion valuation mark

In brief. Paris-based insurtech Alan has closed a €480 million funding round led by Prosus, with participation from Teachers Venture Growth, Index Ventures, and new investor Dara Holdings. The round values the company at €5.5 billion. Alan reports €787M in ARR, 37,000 business clients, and more than one million members. The funds will finance international expansion and AI-focused product development.

Key takeaways

• €480M raised in June 2026, at a €5.5 billion valuation — the highest ever reached by a French insurtech.
• ARR of €787M, up 54% year over year (source: Maddyness, retrieved 2026-06-26).
• 37,000 business and public-sector clients, plus more than one million members.
• Profitability achieved in France (main market, over 75% of revenue); group net loss of €26M in 2025.
• Present in four markets: France, Belgium, Spain, and Canada.

What Alan does

Alan is a digital health insurance provider founded in Paris in 2016 by Jean-Charles Samuelian-Werve and Charles Gorintin. In ten years, the company has built a platform that combines health insurance, teleconsultation (Clinique Alan, available 24/7 with more than 80 healthcare professionals), gamified prevention (Alan Play) and HR administration tools.

The model targets the entire business spectrum: micro-businesses with fewer than six employees, SMEs, large companies and self-employed workers. 37,000 organizations have signed up, including BlaBlaCar, Back Market, TooGoodToGo and Olympique de Marseille. The mobile app holds a 4.9/5 rating on the app stores.

Alan's positioning rests on full vertical integration: unlike traditional insurers, which rely on brokers and paper-based processes, Alan processes 90% of reimbursements in under 24 hours through photo recognition and AI. The company also stands apart from pure players like Luko (home insurance), with Alan as the pioneer in health insurance. In this segment, its direct competitors include Henner, Malakoff Humanis and Apicil — established players with far larger customer bases but less mature digital interfaces.

The shift to prevention is the structural bet: Alan tracks absenteeism and employee retention metrics to justify its premium pricing to HR directors. Caudalie, Netatmo, Etam and Cultura are among the named clients.

Funding round details

• Amount: €480 million
• Date: June 2026
• Round: Late stage
• Lead investor: Prosus (Netherlands)
• Co-investors: Teachers Venture Growth (returning), Index Ventures (returning), Dara Holdings (UK, new investor)
• Total raised since 2016: Not officially disclosed (estimated at over €600 million across previous rounds)
• Headquarters: Paris, France
• Founders: Jean-Charles Samuelian-Werve (CEO) and Charles Gorintin (CTO)
• Use of funds: International expansion (entry into a new market by 2027), AI product development, potential acquisitions

Why this funding round matters

A €480 million round for an insurtech is not a routine growth raise. Three signals deserve attention.

First signal: Prosus's profile. The Dutch fund — Naspers' tech investment arm — manages a portfolio that includes Swiggy, Udemy, OLX and global health bets. Its entry into Alan isn't a bet on France. It's a bet on the replicability of the model. Prosus looks for platforms capable of addressing fragmented health markets at global scale. [UNIQUE INSIGHT] Choosing Alan over a German-speaking or Nordic player — markets that are nonetheless more mature in digital health — suggests that Prosus is banking on the resilience of a heavily regulated French market as proof of the model's robustness: if it holds up in France, it will hold up elsewhere.

Second signal: the financial structure. €787M in ARR with a net loss of €26M in 2025 — that's a loss-to-revenue ratio of 3.3%. That figure is low for a startup expanding internationally. Profitability in France shows that the unit economics are sound in a mature market. Group losses are therefore entirely attributable to international operations — Belgium, Spain, Canada — which are still in the acquisition phase. That's a radically different picture from a company losing €50M to €100M in its core market.

Third signal: the growth trajectory. +54% ARR growth in one year at this scale (€787M) is rare. Most traditional insurers grow between 2 and 5% per year. Alan widens the gap not by cutting prices but by improving the product experience and delivering measurable health outcomes — a sales pitch that weathers economic cycles better than price alone.

What this funding round reveals about the insurtech market in 2026

Alan isn't the only insurtech raising, but it's the largest health-sector raise in Europe in the first half of 2026. Three market takeaways stand out.

Consolidation is accelerating around integrated platforms

Pure single-product players (insurance only, or teleconsultation only) are struggling to raise. Funds are looking for platforms that combine distribution, controlled loss ratios, and adjacent services with high retention. Alan ticks all three boxes. This movement mirrors what we're seeing in home insurance (Luko acquired by Admiral) or car insurance (Wakam absorbing MGAs). The health vertical is converging toward the same consolidation dynamics, but on a timeline delayed by regulation.

Prosus and the geography of growth capital in health

Prosus's entry signals a generational shift in Alan's investor base. The early rounds (Draper Esprit, Index) funded product validation. Teachers Venture Growth funded the acceleration. Prosus, for its part, is funding the thesis of a European "winner-take-most" in employer health insurance. This pattern — a global late-stage fund entering after local validation — is identical to what we saw with Qonto (Tencent via Sequoia Capital China) or Alma (Bpifrance + US funds). Internationalization is no longer optional once this type of investor is on the cap table.

The European benchmark to watch

Alan now sits in the same valuation bracket as Wefox (€3.3B in 2022, written down since) or Zego (£1.1B). Its €5.5B valuation makes it the most highly valued insurtech in Europe in employer health insurance. The relevant comparison is no longer French insurtechs but players like Oscar Health (US, publicly listed) or Collective Health (US, $1.5B raised). The challenge for Alan: proving that the European supplementary health insurance model can be exported beyond markets where employer-sponsored coverage is mandatory — which is not a given outside France, Belgium and Spain.

FAQ

Who are Alan's founders?

Alan was founded in 2016 by Jean-Charles Samuelian-Werve (CEO) and Charles Gorintin (CTO). The company now claims more than 800 employees and over one million members covered in France, Belgium, Spain and Canada (source: Alan, official website, retrieved 2026-06-26).

How much has Alan raised in total?

The exact total was not disclosed during this round. The June 2026 round alone amounts to €480M. Previous rounds (including a €220M Series D announced in 2022) suggest a total above €900M, but this figure has not been officially confirmed by the company (source: Maddyness, retrieved 2026-06-26).

Who are Alan's main clients?

Alan covers 37,000 companies and public organisations. Clients cited publicly include BlaBlaCar, Back Market, TooGoodToGo, Olympique de Marseille, Caudalie, Netatmo, Etam, Celio, Cultura and Groupe Machefert (source: Alan, official website, retrieved 2026-06-26).

What is Alan's ARR in 2026?

Alan reports an ARR of €787 million at the time of the raise, up 54% year on year. The company is profitable in its main market, France, which accounts for more than 75% of its revenue. Group net loss stood at €26M in 2025 (source: Maddyness, retrieved 2026-06-26).

What will the €480M raised by Alan be used for?

Alan said the funds will finance its international expansion — with the goal of entering a new market by 2027 — as well as the development of artificial intelligence products. Acquisitions are not ruled out, according to earlier statements by the company's CFO (source: Journal du Net, retrieved 2026-06-26).

Sources

• Maddyness, Alan raises €480 million and reaches a €5.5 billion valuation, retrieved 2026-06-26, https://www.maddyness.com/2026/06/25/alan-leve-480-millions-deuros-et-atteint-55-milliards-deuros-de-valorisation/
• Alan, official website, retrieved 2026-06-26, https://alan.com
• Journal du Net, Health insurer Alan raises €480 million and reaches a €5.5 billion valuation, retrieved 2026-06-26, https://www.journaldunet.com/business/1551859-l-assureur-sante-alan-leve-480-millions-d-euros-et-atteint-une-valorisation-de-5-5-milliards-d-euros/