Alan closes $45m Series B round to advance health insurance product

Alan, a Paris-based startup, has reportedly raised $45 million (€40 million) in funding from a Series B investment round. Index Ventures was leading the round, and the partners of DST Global had also participated. Apparently, Alan had previously raised a funding of $28 million only ten months back.

With the recent funding announcement, the company has revealed some interesting statistics. Alan’s revenue has allegedly jumped to $25 million from $4 million (€22 million from €3.5 million) in 2018 alone, with the company growing to 27,000 insured people from just 5,000.

According to sources with knowledge on the matter, Alan has been focusing on freelancers, along with medium and small firms like Converteo, Ledger, Le Slip Français and My Little Paris. More interestingly, the company is currently very close to break-even, only with 64 employees, which gives an idea about Alan’s margin.

Following the recent funding round, Alan is reportedly seeking to hire a lot more employees. It is said that there would be about 175 people working for the company by the end of the year. Alan is always looking for ways to make experiences as seamless as possible on the product front.

Jean-Charles Samuelian, Co-founder and Chief Executive Officer of Alan, said in a statement that the company is trying out ways to make the insurance process prompt, ranging from quotes to coverage as well as reimbursements.

Sources mentioned that Alan has not only been about insurance products but healthcare at large. Experts would supposedly be observing how the company utilizes this influx of funding to streamline healthcare in general.

Purportedly, the National healthcare system covers every employee in France for basic reimbursements. These employees are also covered by private insurance companies for treatments that are more expensive. In addition to these, legacy insurance firms have omitted those products as they usually do not produce heavy margins on those segment, which develops a huge market opportunity for Alan.