Alan, a France-based digital health insurance provider backed by insurance firm CNP Assurances, has received €185m ($223m) in a series D round that included diversified holding group Exor.
The round valued the company at approximately $1.7bn and was led by investment manager Coatue, while Singaporean state-owned investment firm Temasek, Dragoneer Investment Group, Index Ventures and Ribbit Capital also took part.
Alan has developed an online platform for businesses and the self-employed to directly purchase health insurance products. It provides its own insurance plans alongside a range of other services including personalised healthcare information, proactive care, care delivery, payment and post-care services.
The company will use the capital injection to hire 400 additional staff by the end of 2023 as it looks to increase its membership to 1 million users.
The series D round increased Alan’s funding to at least $364m and followed a $54.4m series C round in April 2020, that was led by Temasek and which featured existing investors including Index Ventures. It had secured $45.3m in an early 2019 series B round backed by Index Ventures and partners of DST Global.
Open CNP, the corporate venturing arm of CNP Assurance, took part in the company’s $28.4m series A round in 2018. It was led by Index Ventures and included Portag3 Ventures, Partech Ventures and Xavier Niel.
CNP Assurances also led a $13m funding round for Alan in 2016, with participation from financial services group Power Financial, Partech Ventures and a number of angel investors.