Alan raised 183 million euros in a Series E funding round led by Canadian Teachers Venture Growth, the investment firm that is equally in charge of the Ontario teachers’ pension plan.
The French fintech Alan has developed massively in recent years offering people health insurance through their work. Its annual revenue has soared to nearly 200 million euros as it serves 300 thousand customers.
In fact, Alan has launched a whole new product around supporting mental health and, as its founders say, is on track to become independent of investment funds.
Alan, unlike many other major health technology Startups in Europe, such as Kry/Livi and Ada Health, has as its customers the companies, offering them health insurance for their employees, thus relieving HR departments of part of the administrative burden. In fact, health insurance is a legal obligation of a company in France.
“We have focused on relieving companies of this obligation. Our goal is to help HR departments so they can focus on what really matters to them,” says Alan co-founder Charles Gorintin. And that seems to be working.
Over the past year, Alan has doubled its membership base to 300 thousand people in 1,500 companies and aspires to expand into Europe.