With a valuation now estimated at around five billion eurosthe French scale-up Alan confirms its place among the most important technology companies in the European ecosystem. But behind this entrepreneurial success lies a well-known reality of European venture capital: a significant part of the value creation benefits international investors, particularly Anglo-Saxon ones.
Founded in 2016 by Jean-Charles Samuelian-Werve And Charles GorintinAlan has positioned itself from the outset as a fully digital health insurance intended for companies and their employees. The company offers an integrated platform to manage health coverage, reimbursements and various medical services through a single interface.
Growth that changes scale
The latest results communicated by the company demonstrate very rapid growth. Alan claims 785 million euros in annual recurring revenue (ARR) in 2025i.e. a progression of approximately 53% over one year. The company also indicates that it has crossed the threshold of a million members and have reached operational profitability on the French market.
At this level of activity, Alan is now approaching billion euros in recurring revenuea threshold rarely reached by European scale-ups in the field of digital services.
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The valuation of around five billion euros thus corresponds to a multiple of around six to seven times recurring revenuea relatively measured level compared to the multiples observed in SaaS at the start of the decade.
A largely international financing trajectory
Since its inception, Alan has raised more than six hundred and fifty million euros with international investors through several successive financing rounds.
The chronology of fundraising illustrates the progressive internationalization of its capital:
- 2018 — Series A: twenty-three million eurosled by Index Ventures
- 2019 — Series B: forty million eurosalso led by Index Ventures
- 2020 — Series C: fifty million euroswith Temasek
- 2021 — Series D: one hundred and eighty-five million eurosled by Coatue Management
- 2022 — Series E: one hundred and eighty-three million eurosled by Teachers’ Venture Growth
- 2024 — Series F: one hundred and seventy-three million euroswith Belfius Bank
In total, the company raised approximately six hundred and fifty-four million euros before its last financing.
In 2026Alan also announced additional financing of around one hundred million eurosintended to support its European expansion and the expansion of its services.
A major public contract in 2025
The company’s commercial progress has also been demonstrated on the institutional level. In 2025Alan won a major tender to ensure health coverage for agents of the Ministry of the Economy and Financefacing several historic players in the sector.
This contract has a particular dimension: it is the third largest call for tenders in the French civil servicebehind those of National Education and the Armed Forces. The award of this market confirms the company’s ability to compete with large insurance groups in large-scale public markets.
Beyond its economic weight, this victory illustrates the evolution of the sector: a company born in the startup ecosystem now manages to establish itself in markets traditionally dominated by historic mutuals and insurers.
The advantage of early entry investors
For historical investors, the current valuation already constitutes a significant financial success. The funds entered in the first rounds, notably Index Ventures, invested at a time when the company’s valuation was still far from its current level. In venture capital, most of the returns often come from investments made in the early stages of development. When a company’s valuation increases tenfold or more over successive rounds, early investors can achieve particularly high multiples.
In Alan’s case, the gap between the valuations of the first rounds and the current valuation suggests potentially very significant returns for these funds.
Globalized value creation
The evolution of Alan’s shareholder structure illustrates a frequent phenomenon in European tech: the creation of innovative companies on the continent is often accompanied by a rapid internationalization of capital.
Alongside the founders and early investors, the company’s cap table today includes American, Asian and North American funds. This configuration generally accompanies the international expansion of technology companies, but it also means that value creation is shared on a global scale.
This phenomenon is not unique to Alan. Several European technology companies, such as Aircall, Contentsquare Or Dataikuhave also seen their capital structured around international investors as they grow.
With a revenue base close to one billion euros and a valuation stabilized around five billion, Alan is now entering a new phase of its development. For its historic investors, the trajectory confirms that the French health insurance unicorn has become one of the most successful bets of European venture capital of the last decade.
