French Healthcare Super App Alan Valued at $2.8B After Series E
French health insurer Alan has raised $193.1 million (183 million euros) in a Series E funding round that values the company at $2.8 billion (2.7 billion euros).
As the company said in a news release Thursday (May 5), Alan hopes to build its healthcare super app, hire 1,000 workers and achieve profitability by the end of 2025.
In addition, it wants to increase the capacity of the Alan Clinic, offer a wider array of health services and broaden its reach into more countries following its launch last year in Spain and Belgium, where the company has more than 12,000 members. Alan has said it hopes to reach 1 million members by 2023.
See also: French Super App Startup Alan Nets $220 Million On $1.67 Billion Valuation
Founded in 2016, Alan raised $220 million last year in a Series D round, becoming a unicorn with a valuation of $1.6 billion. Some of its clients across France, Spain, and Belgium include WeWork, Deliveroo and JustEat.
The company was the first independent health insurance company licensed in France and distributes its own health insurance plans to companies and independent contractors.
Members of Alan Clinic can instantly access relevant practitioners and chat, book appointments, or have teleconsultations. Other products include Alan Clear, which lets members try out glasses using virtual reality technology before making a purchase through the app, and Alan Mind, which helps users access mental health support.
The Series E funding round was led by Teachers’ Venture Growth (TVG), with participation from existing and new investors including Temasek, Index, Coatue, Ribbit Capital, Exor, Dragoneer and Lakestar.