Alan, the French health insurance startup, has reached a valuation of about $5.83 billion following a $116 million funding round led by Index Ventures, with participation from Greenoaks, Kaaf, SH, and a group of individual investors including Shopify founder Tobi Lütke and soccer player Antoine Griezmann. Founded in 2016, the company has grown to serve around 1 million members across employees, freelancers, and retirees, offering a digital platform that combines insurance coverage with services such as reimbursements, telehealth access, and health tracking. The new valuation comes as many European startups face pressure on valuations, positioning Alan among a smaller group that continues to scale.
The company reported about $915 million in annual recurring revenue in 2025, up 53% year over year, and says it has reached operational profitability in France while moving closer to break-even overall. Alan has expanded beyond its home market into Belgium, Spain, and Canada, where it recently began commercial operations. Recent wins include a public-sector contract covering up to 135,000 civil servants, alongside enterprise clients such as HP and Volkswagen. As it continues to invest in technology and AI, the company is prioritizing growth and international expansion, targeting further revenue gains rather than near-term profitability.
