France-based online health insurance portal Alan raised €23m ($28.4m) today in a series A round that included Open CNP, the strategic investment arm of insurance firm CNP Assurances.
Index Ventures led the round, which also featured fellow venture capital firms Partech Ventures and Portag3 Ventures as well as angel investor Xavier Niel.
Founded in 2016, Alan provides health insurance through an online platform that has so far issued cover for more than 7,000 users across some 850 businesses. It was the first licensed health insurer in France since 1986.
The company aims to use the funding to leverage its user numbers to 100,000 in the next three years while increasing its number of employees to 80 by the end of this year.
CNP Assurances led Alan’s last round, in which it raised $13m in late 2016, investing alongside financial services provider Power Financial, Partech Ventures and various angel investors. Alan has now raised $45m altogether, the company said.
Hélène Falchier, managing director of Open CNP, said: “After being part of the seed (round) in 2016, we are delighted to invest in that new round with our Open CNP program and to back again Alan’s growth.
“As an investor and partner, CNP Assurances has been working with Alan as its main reinsurer, and on co-developing provident coverage for companies, in addition to its health insurance offering.”