Alan, the French healthtech unicorn, has secured $193 million (€173 million) in a Series F funding round, marking a significant milestone in its growth trajectory. Led by Belfius, a major Belgian bank, and insurer, the round also saw participation from several of Alan’s existing investors, including Ontario Teachers’ Pension Plan (via Teachers’ Venture Growth), Temasek, Coatue, and Lakestar. The latest capital injection has raised the company’s valuation to $4.5 billion (€4 billion).

A Strategic Partnership with Belfius

The funding round, aside from boosting Alan’s financial resources, comes with a strategic distribution partnership between Alan and Belfius. Under this agreement, Belfius will offer Alan’s digital health insurance services to its corporate and institutional clients, which represent millions of employees. Additionally, the partnership will extend Alan’s coverage to Belfius’ own workforce, which numbers around 7,000 employees.

This alliance is part of Alan’s broader plan to deepen its presence in Belgium, one of its key markets, alongside France and Spain. CEO and co-founder of Alan, Jean-Charles Samuelian-Werve, highlighted the strategic importance of this partnership, stating that it “opens the door to a new era for Alan in Belgium.” He expressed confidence that Belfius’ investment would accelerate the company’s development and help expand its offerings to a wider audience in the Belgian market.

Alan’s Vision for Healthcare Innovation

Founded in 2016 by Samuelian-Werve and Charles Gorintin, Alan has set itself apart by revolutionizing the traditionally complex health insurance sector. The company started by providing a streamlined health insurance product aimed at businesses in France, where it capitalized on the legal requirement for companies to offer health coverage to employees. What distinguishes Alan from legacy providers is its technology-driven approach, which automates various aspects of claim management. In some cases, policyholders receive reimbursements within minutes after a doctor’s visit.

Beyond its core health insurance offering, Alan has expanded into other health-related services. Users can consult with doctors, order prescription glasses, and access preventive care content focused on mental health, back pain, and more—all through the company’s mobile app. Recently, Alan has increasingly leveraged artificial intelligence to further optimize its operations and enhance the user experience.

Impressive Growth and Financial Health

Alan’s growth over the past few years has been remarkable. The company now serves over 650,000 members across more than 23,000 businesses in France, Spain, and Belgium. Earlier this year, Alan shared that it had over 500,000 people covered under its insurance plans, with expectations of reaching €450 million ($500 million) in annual recurring revenue by the end of 2024. Since February 2024, Alan has added another 150,000 customers, including prestigious new clients like the Prime Minister’s office in France.

Despite its rapid growth, Alan’s focus remains on achieving profitability. The company’s goal is to reach profitability by 2026, and its governance structure, with the founders and employees holding 40% of the capital and the majority of voting rights, has remained intact. The fresh capital from this latest round will be channeled into advancing Alan’s product offerings and supporting its international expansion, especially in Belgium.

Driving Change with AI and Personalized Services

Alan has ambitious plans for the future, particularly in the realm of artificial intelligence. The company sees AI as a critical tool for driving personalized healthcare services and expediting claim processing, aiming to deliver more efficient and tailored solutions to its customers. CEO Jean-Charles Samuelian-Werve emphasized the role of technology in the company’s mission, noting that it will help Alan “positively transform the healthcare system in Belgium” and beyond.

The strategic partnership with Belfius will not only bolster Alan’s presence in Belgium but also enhance its ability to serve larger clients in the region, thereby driving the company's growth. Alan plans to hire an additional 25 employees in Belgium over the coming months to support its expansion.

Alan’s latest funding round and partnership with Belfius represent a major step forward for the French unicorn, reinforcing its position as a leader in healthtech innovation. With a solid foundation, a growing customer base, and a clear vision for the future, Alan is well-positioned to continue reshaping the health insurance industry in Europe and beyond. The company’s focus on technology, particularly AI, and its ambitious expansion plans highlight its commitment to making healthcare more accessible, efficient, and user-friendly for businesses and individuals alike.