The €5 billion valuation of ALAN is proving highly profitable for its Anglo-Saxon investors.
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With a valuation now estimated at around five billion euros, the French scale-up Alan confirms its position among the most significant technology companies in the European ecosystem. Yet behind this entrepreneurial success lies a familiar reality of European venture capital: a significant share of the value creation ultimately benefits international investors, particularly Anglo-Saxon funds.
Founded in 2016 by Jean-Charles Samuelian-Werve and Charles Gorintin, Alan positioned itself from the outset as a fully digital health insurance provider for companies and their employees. The company offers an integrated platform that enables users to manage health coverage, reimbursements and a range of medical services through a single interface.
A growth trajectory reaching a new scale
The company’s most recent results illustrate a very rapid expansion. Alan reports €785 million in annual recurring revenue (ARR) in 2025, representing approximately 53% year-on-year growth. The company also indicates it has surpassed one million members and has reached operational profitability in the French market.
At this level of activity, Alan is now approaching one billion euros in recurring revenue, a milestone rarely reached by European scale-ups in the digital services sector.
A valuation of around five billion euros therefore corresponds to a multiple of roughly six to seven times recurring revenue, a relatively moderate level compared with the SaaS multiples observed at the beginning of the decade.
A financing trajectory largely international
Since its creation, Alan has raised more than six hundred and fifty million euros from international investors through several successive funding rounds.
The chronology of these rounds illustrates the progressive internationalisation of its capital structure:
- 2018 — Series A: twenty-three million euros, led by Index Ventures
- 2019 — Series B: forty million euros, also led by Index Ventures
- 2020 — Series C: fifty million euros, with Temasek
- 2021 — Series D: one hundred and eighty-five million euros, led by Coatue Management
- 2022 — Series E: one hundred and eighty-three million euros, led by Teachers’ Venture Growth
- 2024 — Series F: one hundred and seventy-three million euros, with Belfius Bank
In total, the company had raised approximately six hundred and fifty-four million euros before its latest financing.
In 2026, Alan also announced an additional financing of around one hundred million euros, intended to support its European expansion and the development of new services.
A major public contract in 2025
The company’s commercial progress has also been visible in the institutional arena. In 2025, Alan won a major public tender to provide health coverage for employees of the French Ministry of the Economy and Finance, beating several long-established players in the sector.
This contract carries particular significance: it represents the third-largest public-sector health insurance tender in France, after those of the Ministry of Education and the Armed Forces. The award confirms the company’s ability to compete with major insurance groups on large-scale public markets.
Beyond its economic weight, the victory illustrates a broader shift in the sector: a company born within the startup ecosystem is now capable of prevailing in markets traditionally dominated by mutual insurers and incumbent insurance groups.
The advantage of early investors
For early investors, the current valuation already represents a significant financial success. Funds that entered during the first rounds, particularly Index Ventures, invested when the company’s valuation was still far from its current level.
In venture capital, the majority of returns typically originate from investments made during the earliest stages of development. When a company’s valuation increases tenfold or more across successive rounds, early investors can generate particularly high multiples.
In Alan’s case, the gap between the valuations of the early rounds and the current valuation suggests potentially substantial returns for these funds.
A globalised value creation
The evolution of Alan’s shareholder structure illustrates a frequent phenomenon in European tech: innovative companies may be founded in Europe, but their capital base often internationalises rapidly as they scale.
Alongside the founders and early investors, the company’s cap table now includes American, Asian and North American funds. This configuration generally accompanies the international expansion of technology companies, but it also means that value creation is shared on a global scale.
This dynamic is not unique to Alan. Several European technology companies, including Aircall, Contentsquare and Dataiku, have also seen their capital structures progressively shaped by international investors as they grew.
With a revenue base approaching one billion euros and a valuation stabilised around five billion, Alan is now entering a new phase of its development. For its early investors, the trajectory confirms that the French health-insurance unicorn has become one of the most successful venture capital bets in Europe over the past decade.
