Alan Secures €173m in Series F, Partners with Belfius
Alan, the French digital health insurance provider, has raised €173m ($193m) in a Series F funding round, propelling its valuation to €4bn (US$4.47bn).
The round was led by Belfius Bank, one of Belgium's largest financial institutions, with participation from both new and existing investors.
Belfius Bank has not only invested in Alan but also chosen the insurtech firm to provide health insurance for its 7,000 employees.
The partnership includes a distribution agreement, positioning Alan as Belfius' preferred partner for insurance and health services targeted at corporate, small and medium enterprises and institutional clients in Belgium.
This collaboration marks a significant step in Alan's growth strategy for Belgium, its second-largest market after France. To support this expansion, the company plans to bolster its local team with more than 25 new hires in the coming months.
Technological advancements
The investment will be used to accelerate Alan's growth, enhance its technological capabilities, and support its international ambitions.
The company plans to leverage advanced artificial intelligence (AI) tools to provide personalised services that cater to local needs, aiming to enhance customer experience, streamline claims processing and improve operational efficiency.
Jean-Charles Samuelian, CEO of Alan, states: “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.”
Alan reports that it maintains autonomy over its cash flow and is on track to reach group profitability by 2026.
This financial milestone is particularly noteworthy in the current fintech landscape, where investors are increasingly focused on sustainable business models and clear paths to profitability.
The funding round attracted contributions from both new and existing investors, including OTPP via Teachers' Venture Growth, Temasek, Coatue and Lakestar.
Market expansion
Belfius will introduce Alan's services to its corporate and institutional clients in Belgium. This move is expected to significantly boost Alan's presence in the Belgian market, which the company considers pivotal for its growth outside France.
The collaboration with Belfius positions Alan as the bank's preferred partner for insurance and health services across various client segments, from small businesses to large corporations and institutions.
This latest investment follows Alan's US$220m funding round in April 2021, which was led by Coatue and valued the company at €1.4bn.
The significant increase in valuation over the past three years reflects the company's strong growth trajectory and the increasing importance of digital health solutions in the insurance sector.
Marc Raisière, CEO of Belfius, concludes: “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.”
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