Alan, a French firm, has raised a new fundraising round of €183 million (US $193 million) on 5th May 2022. The business sells its health insurance plans and has since expanded to include additional medical products and services. In other words, Alan aims to create a healthcare super software that will serve as a one-stop-shop for all of your health-related questions and demands.
The round is being led by Teachers’ Venture Growth (TVG), the venture fund of the Ontario Teachers’ Pension Plan Board. Temasek, Coatue, Ribbit Capital, Index Ventures, Exor, Dragoneer, and Lakestar are among the existing investors in this fresh round.
The current financing is a Series E, and it comes less than a year after the business raised €185 million in a Series D round. Even though Alan has grown the same amount of money twice, the company’s post-money valuation has increased significantly. The startup was valued at €1.4 billion last year. It has now been valued at €2.7 billion.
What the founder has to say:
Co-founder and CEO Jean-Charles Samuelian-Werve:
“At the start of the year, we decided to raise again. We’ve had a few inquiries for funding. We could tell that the markets were about to turn around, but we didn’t know how long it would take. We are currently self-sustaining and will remain so until we achieve profitability.
We’re continuing to push out our model, which is entirely based on the loss ratio formula. We – more or less — sell insurance goods at cost. We then add our membership charge on top of it. This model works quite well,”
About Alan:
Alan’s leading business and main source of revenue hasn’t altered. The company is a health insurance firm designed for the twenty-first century. Alan has constructed its own underwriting engine after receiving regulatory approval.
Clients of various sizes and sectors can now sign up with the organization. Big businesses can fine-tune every parameter to create the ideal insurance package.
People who are covered by Alan’s health insurance have a better experience than those who other insurance firms cover. Alan strives to automate as many processes as possible to provide the best possible user experience.
For example, if you pay at the doctor’s office and it’s a basic bill, Alan processes it immediately and sends money to your bank account via an instant transfer. As a result, you are frequently repaid before you return home.
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