Alan health insurance startup hits €5 billion valuation milestone.

While roughly 30% of Europe’s unicorns may no longer be worth more than $1 billion, Alan has moved in the opposite direction. The French health insurance startup has now reached a valuation of €5 billion, or about $5.83 billion, rising from the €4.5 billion valuation it held in 2024.

Founded in 2016, Alan has expanded into a company of 740 employees and now serves one million employees, freelancers, and retirees through its health insurance and wellness offerings. Its app already enables users to manage reimbursements, consult with doctors, and monitor health habits. According to a statement from CEO Jean-Charles Samuelian-Werve, the company can now “invest ambitiously, particularly in [tech] and [AI].” Samuelian-Werve is also a co-founding advisor and board member at French AI company Mistral AI.

Alan’s newest valuation follows a €100 million funding round, equivalent to about $116 million, led by existing backer Index Ventures. The round also included new investors Greenoaks, Kaaf, and SH, as well as business angels such as Shopify founder Tobi Lütke and 2018 FIFA World Cup winner Antoine Griezmann. Belfius, the Belgian bank and insurance company that is also a strategic partner and previously led Alan’s Series F round, also participated in the funding.

Since that previous raise, Alan secured a contract to provide health insurance to as many as 135,000 civil servants and their family members. That win adds to the private-sector agreements the company has signed in France and in international markets. Alan says it reached €785 million in annual recurring revenue in 2025, which is approximately $915 million, representing a 53% increase from the end of 2024.

Although it did not disclose exact figures, Alan also said it achieved operational profitability in France, its home market and still its biggest business area. The company was notably the first new independent insurance company to receive a license in France since the 1980s. Since then, Alan has expanded into Belgium and Spain, where it counts clients including HP and Volkswagen. More recently, it has also entered Canada, where it is now licensed in every province and has started commercial operations.

On the whole, Alan says it is moving closer to operating break-even. After reporting net losses of $61 million in 2023 and $56 million in 2024, the company says it has halved its losses as a share of revenue over the past 12 months. Even so, with international growth and product development still at the top of its agenda, Alan is targeting $1.16 billion in ARR for 2026 rather than prioritising profitability. For now, investors appear comfortable with that balance.