French health insurance startup Alan has reached a €5 billion valuation after securing €100 million in fresh funding led by Index Ventures. The Paris-based company, which provides health insurance platforms for businesses, had previously been valued at €4 billion following a €173 million Series F round in mid-2024. Since its 2016 launch, Alan has raised €754 million total.

Notable investors in this latest round include Greenoaks, Kaaf, Shopify founder Tobi Lutke, and French footballer Antoine Griezmann. Belfius, which led the previous funding round, also participated. The company serves major corporate clients including HP and Volkswagen, reporting €785 million in annual recurring revenue (ARR) last year with plans to reach €1 billion by end of 2026. Alan claims profitability in its home market of France, where it remains strongest, while expanding into Belgium, Spain, and Canada. The company launched Alan Clinic in February, offering mental health services directly through its app.

Co-founder Jean-Charles Samuelian-Werve, who also helped establish French AI startup Mistral, believes both companies could become trillion-dollar enterprises. "If you have the best product, the best service, the best technology and the best distribution, whatever happens you will find a way to win," Samuelian-Werve stated, emphasizing his focus on building market-leading solutions.