Alan, a France-based online health insurance portal backed by insurance provider CNP Assurances, completed a €50m ($54.4m) series C round led by Singaporean state-owned investment firm Temasek yesterday.
Existing investors including venture capital firm Index Ventures also participated in the round, which boosted the company’s overall funding to $141m.
Founded in 2016, Alan operates an online service where individuals and companies can take out health insurance plans. It underwrites its own policies rather than partnering an established firm, making it France’s first new independent health insurer in three decades.
Alan has also developed a range of services specifically for the human resources departments of businesses with more than 1,000 staff, offering features such as the scheduling of telemedicine appointments and access to stress-management tools.
The company has attracted 76,000 customers to date and will use the series C funding to enhance its offering as it aims to become a fully-fledged health hub covering everything from mental wellbeing to proactive health advice.
The money will also enable Alan to continue its expansion efforts across Europe following the opening of offices in Belgium and Spain. It hopes to be present throughout most of Europe within five years.
Jean-Charles Samuelian, co-founder and chief executive of Alan, said: “Once the world begins to emerge from the Covid-19 health crisis, we believe that expectations and demands on the healthcare system will lead to a much faster transition to digital solutions. This is not just about convenience, but about delivering better care.”
Alan raised $45.3m in series B funding from investors including Index Ventures and partners of DST Global in February 2019. Index Ventures had led its $28.4m series A round in 2018, investing with Open CNP, the corporate venturing arm of CNP Assurance, as well as Portag3 Ventures, Partech Ventures and Xavier Niel.
CNP Assurances had already led a $13m funding round for the company in 2016 that featured financial services group and Portag3 backer Power Financial, Partech Ventures and assorted angel investors.
