30% of European unicorns may have lost their billion-dollar status, however not Alan. The French medical health insurance startup is now valued at €5 billion — roughly $5.83 billion, up from $4.5 billion in 2024.

Created in 2016, Alan has grown right into a staff of 740 folks serving a million staff, freelancers and retirees with medical health insurance and wellness companies. Its app already lets customers handle reimbursements, entry medical doctors and monitor well being habits. The corporate says it now has the means to “make investments ambitiously, significantly in [tech] and [AI],” in line with an announcement from its CEO, Jean-Charles Samuelian-Werve, who can be a co-founding advisor and board member on the French AI firm Mistral AI.

Alan’s newest valuation comes from a €100 million spherical ($116 million) led by present investor Index Ventures, joined by new buyers Greenoaks, Kaaf, and SH, together with enterprise angels together with Shopify founder Tobi Lütke and 2018 FIFA World Cup winner Antoine Griezmann. Belgian financial institution and insurance coverage firm Belfius, a strategic associate that led the earlier Sequence F spherical, additionally participated.

Within the interim, Alan received a contract to offer medical health insurance to as much as 135,000 civil servants and their kinfolk, including to private-sector offers struck in each France and overseas. The corporate claims it reached €785 million — roughly $915 million — in annual recurring income in 2025, up 53% from the top of 2024.

With out sharing actual numbers, Alan additionally declared it reached operational profitability in its house nation, the place it was the primary new impartial insurance coverage firm to get a license for the reason that Nineteen Eighties and which stays its largest market. The corporate has since expanded into Belgium and Spain, the place it counts HP and Volkswagen as purchasers; and extra lately, into Canada, the place it’s now licensed throughout all provinces and has begun business operations.

Total, Alan says it’s approaching working break-even. After registering internet losses of $61 million in 2023 and $56 million in 2024, it claims to have halved its losses as a proportion of income over the previous 12 months. With worldwide growth and product enhancements as priorities, Alan is aiming to achieve $1.16 billion in ARR in 2026 relatively than profitability. It appears buyers can reside with that trade-off.