Have you heard of Alan, the 100% digital health insurance? Little known, it is nevertheless giving the traditional players in the sector a hard time. Its latest fund-raising round of €183 million has valued the French start-up at €2.7 billion.
Alan: the platform transforming health insurance
Did you know? In France, 96% of people have supplementary health insurance, but only 1% choose Alan. Yet this hasn't stopped the company from being valued at 2.7 billion euros and establishing itself as a real player in the market.
Alan was founded in 2016, by Jean-Charles Samuelian-Werve and Charles Gorintin, with the main aim of simplifying the health insurance process by offering personalized products tailored to each customer's needs.
This "assurtech" started out with 100% digital health insurance, in the form of a simple, intuitive app and website. What set it apart from the traditional players was its ultra-fast reimbursement. Indeed, as the start-up has always declared "70% of declared treatments are reimbursed in less than an hour, and 95% in less than a day.".
Over the years, Alan has enhanced its platform with new functionalities. Today, the application gives you access to teleconsultations, messaging and personalized notifications. His ambition? To become a "super app", an all-in-one healthcare application.
From start-up to unicorn: Alan's meteoric rise in the health insurance market
Since its creation, Alan has enjoyed strong growth. In fact, the company has been able to count on both its innovative offering and the support of investors. Today, the unicorn covers 380,000 people, 130,000 more than in 2022.
Alan's customers also include 18,000 companies. VSEs, SMEs and large corporations alike, Alan's products and services have won over customers beyond France's borders. The number of members has more than doubled in Belgium and Spain.
Record valuation of 2.7 billion euros
Since its creation, the start-up has raised funds almost every year, with ever-increasing sums. Its latest round of financing, completed on May 5, 2022, raised a total of €183 million for Alan . This round of financing values the company at 2.7 billion euros.
The company is attracting the attention of both French and international investors. These include the Singaporean sovereign wealth fund Temasek and the American hedge fund Coatue.
All these fund-raisings have enabled Alan to raise over 493 million euros. These funds not only bolster the start-up's international expansion, but also enable it to meet growing demand.
Alan: key information
Number of employees to date
By 2022, Alan will have more than 500 employees. This figure is set to more than double over the next few years. Indeed, by the end of 2025, the company aims to have 1,000 new employees.
Sales figures
Alan's sales figures are not known, but the unicorn is forecasting annual recurring earnings of 250 million euros in 2022. The company is aiming to build on this momentum to reach 380 million euros in annual recurring revenues by 2023.
Going public
Alan is currently unlisted, but is aiming for an IPO in the future.
Scalability
Alan's innovation and technological approach enable it to reach a wide audience, accelerate growth and ensure scalability by rapidly adding new customers and expanding its range of services without being limited by cumbersome traditional infrastructures.
Mantra/Citation CEO
" The future is very bright, and we're just at the beginning. Our mission is to make healthcare a personal, proactive and holistic experience for everyone every day - while striving to be the most member-friendly healthcare company in the world "Jean-Charles Samuelian-Werve, co-founder and CEO of Alan.
