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Alan secures another $193 million for its healthcare startup

Alan

Health

Alan secures another $193 million for its healthcare startup

Alan, a French firm, has raised a new €183 million round of funding. The startup sells its own brand of health insurance and has moved into other medical products and services.

Alan, a French startup, has secured €183 million in fresh capital ($193 million at today’s currency rate). Alan’s goal is to build a healthcare super app and a one-stop shop for all of your health-related queries and needs.

The company says, “We are presently self-sustaining and will stay so until we attain profitability.”

Teachers’ Venture Growth (TVG), the Ontario Teachers’ Pension Plan Board’s venture fund, is leading the round. Existing investors including as Temasek, Index Ventures, Coatue, Ribbit Capital, Exor, Dragoneer, and Lakestar are also involved in this new round.

“We still have less than 1% of the market ‘Exchange,” Samuelian-Werve said.

The investment announced today is a Series E round, and it comes just a year after the startup’s €185 million Series D financing.

Despite the fact that Alan has raised the same amount of money twice, the company’s post-money valuation has risen.

Last year, the firm was valued at €1.4 billion.

It is currently worth €2.7 billion (between $1.5 billion and $2.9 billion at today’s exchange rate).

Jean-Charles Samuelian-Werve claims, “We sell insurance products at or near cost.”

Alan’s core business and source of revenue have not changed. The organization is a twenty-first-century health insurance firm. Following the receipt of a regulatory license, Alan created its own underwriting engine. Clients of all sizes and sectors can now be accepted by the organization.

For example, if you make a little payment at the doctor’s office, Alan will instantly complete the transaction and send money to your bank account via an instant transfer. As a consequence, you are usually reimbursed before returning home. The French national health-care system will also instantly refund its part, though this usually takes a few days.

Samuelian-Werve says, “We’re still rolling out our model, which is totally based on the loss-ratio formula. We sell insurance products at or near cost. Then we tacked on our membership fee.

This model functions well.”

The company has so far garnered 300,000 members from 15,000 enterprises. Alan now says that it generates €200 million in income each year.

Alan’s founders have been quite clear about their goal from the beginning. They don’t only want to start an insurance firm. They aim to develop a healthcare firm that is more than just insurance. Users quickly discovered that they could use the Alan app to find a health expert near them by using Alan Map. The firm is also working with general practitioners to address your questions via email. In addition, the firm is working with general practitioners to answer your questions via a chat interface.

Alan Baby, a second app devoted to your baby’s health, debuted a year and a half ago. It included a mix of material, community chats, and the ability to start a conversation with a doctor. Alan Baby will be closed down by the corporation in the next weeks.

Samuelian-Werve said, “In 2022 and 2023, there will be a strong emphasis on mental health. As a result, we decided to shut down Alan Baby in order to reallocate resources.”

Alan currently provides a consumer app for mental well-being as a result of the purchase of Jour. Alan Mind is a service that connects businesses. The firm provides the exercises and material. Alan Mind is the only supplier for a number of companies.

Alan intends to turn a profit by the end of 2025. It will require 3 million users, but the company hopes to recruit 1,000 people before then. The firm is currently present in France, Belgium, and Spain.

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