Alan, a France-based online health insurance platform operator backed by insurance firm CNP Assurances, raised €40m ($45.3m) in series B funding yesterday.
The round included venture capital firm Index Ventures and partners of DST Global, the investment firm capital firm spun out of internet company Mail.ru, and it took the company’s overall funding to more than $86m.
Founded in 2016, Alan has developed an online portal that enables people and companies in France to take out health insurance policies. It has provided cover to 27,000 people and 2,000 companies to date.
In addition to expanding its team from 64 employees to 175 by the end of 2019, the funding will be used to expand Alan’s platform and increase its small and medium-sized business customers, as well as those that are self-employed people and freelancers.
Alan closed a $28.4m series A round in April 2018 led by Index Ventures, which invested alongside Open CNP, the strategic investment arm of CNP Assurances, as well as Partech Ventures, Portag3 Ventures and Xavier Niel.
CNP Assurances had led a $13m round for Alan in 2016 that also included financial services provider Power Financial, Partech Ventures and various angel investors.
Jean-Charles Samuelian, co-founder and chief executive of Alan, said: “Moving fast – it has been only 10 months since our last fundraising – with the support of top-tier investors is a confirmation of our vision to build intuitively obvious healthcare for the community.
“We are human-focused and care-driven. We aim at building a different kind of company based on transparency, trust, and care both for our users and our team.”