French Insurtech Alan Hits €5B Valuation With New Investment

The round was led by Index Ventures, with participation from new investors Greenoaks and Kaaf, along with SH.

Notable angel investors include Tobi Lütke and Antoine Griezmann. Belfius, which led Alan’s previous Series F round and also serves as a distribution partner, joined the round as well.

Alan has continued its rapid growth, reaching €785 million in annual recurring revenue (ARR) in 2025, a 53% year-on-year increase, and is targeting €1 billion ARR by 2026.

The company now serves over one million members, including employees, freelancers, and retirees across France, Belgium, Spain, and Canada through its health insurance and wellness platform.

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France remains Alan’s largest market, where the company has achieved operational profitability. It previously made history in 2016 as the first new independent insurer in decades to receive a licence in the country.

While Alan is not yet profitable overall reporting €61 million net losses in 2023 and €56 million in 2024 the company says it has significantly reduced losses relative to revenue and is nearing group-level operating break-even.

Instead of prioritising full profitability in 2026, Alan plans to reinvest in international expansion and product innovation, particularly in AI. CEO Jean-Charles Samuelian-Werve is also a co-founding advisor and board member at Mistral AI, and Alan itself holds a stake in the AI company.

The insurer has already integrated AI across its platform, including Mo, an AI health assistant introduced to hundreds of thousands of users in 2024.

Commercially, Alan has expanded its footprint with major wins, including a contract to provide health insurance to up to 135,000 French civil servants and their dependants.

In Belgium and Spain, the company counts major clients such as HP and Volkswagen. In Canada, Alan recently secured insurance licences nationwide and launched Alan Clinic, a mental health service integrated into its app.

Founded in 2016 by Jean-Charles Samuelian-Werve and CTO Charles Gorintin, the company now employs around 740 people and has raised approximately €750 million since its founding.