French digital health insurance start-up Alan has raised €173m ($193m) in a Series F funding round led by Belfius Bank, propelling the company’s valuation to €4bn.
The funding round attracted contributions from both new and existing investors including OTPP via Teachers’ Venture Growth, Temasek, Coatue and Lakestar.
Additionally, a cohort of prominent French and international entrepreneurs participated.
Belfius Bank, one of Belgium’s largest banks, has not only led the investment but also chose Alan to provide health insurance for its 7,000 employees.
Moreover, Belfius will introduce Alan’s services to its corporate and institutional clients in Belgium.
According to Alan, this partnership is a pivotal move for its growth in Belgium, which is its second-largest market after France in terms of operations.
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By GlobalDataThe collaboration with Belfius includes a distribution agreement, positioning Alan as the bank’s preferred partner for insurance and health services targeted at corporate, small and medium enterprises, as well as institutional clients.
To support its expansion in Belgium, Alan is set to bolster its local team with more than 25 hires in the coming months.
Alan stated that it maintains autonomy over its cash flow and is on track to reach group profitability by 2026.
The investment will be used to expedite Alan’s growth, enhance its technological capabilities and support its international ambitions.
Alan plans to leverage advanced AI tools to provide personalised services that cater to local needs, thereby enhancing customer experience, streamlining claims processing and improving operational efficiency.
Alan CEO Jean-Charles Samuelian said: “This privileged partnership with Belfius, whose transformation over the past decade has been truly inspiring, opens the door to a new era for Alan in Belgium. Belfius’ investment will allow us to accelerate our development and expand our capacity to offer cutting-edge, accessible health products and services to a wide audience.”
Belfius CEO Marc Raisière said: “At Belfius, we firmly believe in the power of European talent in artificial intelligence, their revolutionary potential for the banking and insurance industries, and for society as a whole.
“I am delighted to announce our strategic partnership with Alan, a healthcare pioneer in Europe. Together with Jean-Charles Samuelian and the Alan team, we are ushering in a new era of employee well-being and business success.”
In April 2021, Alan secured $220m in a funding round led by Coatue, which valued the company at €1.4bn.
The round saw participation from Dragoneer, EXOR, and existing backers such as Index Ventures, Ribbit Capital and Temasek.
