Alan raises another $54.4 million for its health insurance product
French startup Alan has raised a $54.4 million (€50 million) Series C funding round. Temasek is leading the round with existing investors (such as Index Ventures) also participating. Overall, Alan has raised $136 million (€125 million) over the past four years.
Alan has built a health insurance product for the French market. The company first started with a well-designed insurance product and wants to tackle all things related to your personal health in the future.
The startup isn’t partnering with an existing insurance company. It has obtained an official health insurance license. Compared to legacy products, Alan wants to be as transparent as possible with clear pricing and policies.
Alan has a huge market opportunity in France as every employee is covered by both the national health care system and private insurance companies.
In addition to its health insurance product, the company has been working on multiple products to help you stay on top of your health. For instance, Alan has partnered with Livi so that can easily schedule telemedicine appointments.
Alan has launched a directory of doctors around you. With Alan Map, you can easily find a health practitioner without any surprise — the company tries to predict how much you’re going to pay so that you can check if you’re 100% covered.
You can also use Alan to keep track of your past appointments, get the phone number of a doctor you’ve already interacted with and more.
Just like fintech companies are building apps that act as financial hubs, Alan wants to become a health hub. Whenever you have a question, you need a piece of information or you want to get reimbursed on your health appointments, Alan wants to become the entry point for those use cases.
More recently, Alan has worked on some content about the coronavirus outbreak and COVID-19 symptoms. You can create an account and talk to a doctor through Livi for free. You can also get two months free on a Headspace subscription in case you’re looking for a meditation app.
With today’s funding round, Alan plans to expand to other countries. It has already opened offices in Spain and Belgium and the company wants to be available all around Europe within five years.
Alan currently covers 76,000 people. It represents $63 million (€58 million) in revenue. At the end of 2018, Alan’s insurance covered 27,000 people. As you can see, the company is growing nicely.
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