France-based health insurance provider Alan attracted €12m ($13m) in a funding round yesterday led by insurance company CNP Assurances that featured financial conglomerate Power Financial.
The round included venture capital firm Partech Ventures and assorted angel investors. CNP Assurances made its commitment through its €100m Open CNP fund, and will act as primary reinsurer to Alan.
Alan operates a service that provides top-up health insurance to startups and small and medium-sized enterprises through an online platform for a flat rate that starts at €55.
The service, launched yesterday, benefits from a recently enacted law in France that made health coverage mandatory for employers. Alan was granted approval by the French regulator last week, marking the first time a new insurance provider has joined the market since 1986.
Hélène Falchier, head of private equity at CNP Assurances and chief executive of Open CNP, will join Alan’s board of directors.
Frédéric Lavenir, managing director of CNP Assurances, said: “We are delighted to contribute to the launch of Alan, the first independent insurance company to enter the French market in 30 years, and to become its leading reinsurer.
“Accompanying and developing this wholly digital startup on the top-up health market through Open CNP aligns perfectly with the digital development of CNP Assurances.” [translated from French by Global Corporate Venturing]