French digital health insurance provider Alan has closed the largest series A round in the country’s InsurTech history.
The company raised €23m in a series A funding round led by Index Ventures.
Xavier Niel also invested in the round, which saw participation fromprevious investors including OpenCNP, Partech and Portag3 Ventures.
Index Ventures partner Jan Hammer is joining Alan as a board member.
Hammer said: “Alan is reinventing health insurance, addressing a €36 billion market in France alone. They’ve created an innovative, fully digital and holistic insurance offering — a very appealing alternative to traditional insurance schemes.
“We’re excited to be backing Alan’s stellar team led by Jean-Charles and supporting them in achieving their vision of improving the quality of care delivered.”
Established in 2016 by Jean-Charles Samuelian and Charles Gorintin, Alan is claimed to be the first company in France to have received health insurance license since 1986.
Alan distributes its own health plans directly to companies and individuals. It has already covered over 7,000 people at 850 companies.
The company claims to revolutionize health insurance by focusing on user experience with better price-quality ratio health plan.
Alan intends to use the funds to triple its present number and reach up to 100,000 users covered within three years.
It also plans to increase its team to 80 by the end of this year and to build services in line with its vision of empowering users to enjoy healthier lives with less effort.
Alan CEO and co-founder Jean-Charles Samuelian said: “By bringing superior technology, data, and design to the old-fashioned health insurance industry together with the top talent from Europe and abroad, we aim to make the overall health experience simpler, smarter and better for our users.
“Ultimately we want to make health and well-being easy and accessible to all. This investment will help us accelerate our growth which was only organic so far.”
Alan has so far raised total funds of €37m including the €12m raised in 2016.
Image: Alan’s office in Paris, France. Photo: Courtesy of Index Ventures.