Alan, a Paris-based digital health insurance company, has raised €23m ($28m) through its Series A financing round.
The round was led by London and San Francisco-based venture capital firm Index Ventures, with participation from entrepreneur Xavier Niel, as well as previous investors OpenCNP, Partech and Portag3 Ventures. The round is the largest Series A in the InsurTech space in France according to Index.
It brings Alan’s total fundraising amount to €37m ($45m) following the €12m it raised in 2016. Alan said it will use the new funds to bring more users onboard, grow its employees by the end of the year and build services in line with its mission to empower uses to enjoy healthier lives with minimal effort.
“Alan is reinventing health insurance, addressing a €36bn market in France alone,” said Jan Hammer, partner at Index Ventures. “They’ve created an innovative, fully digital and holistic insurance offering — a very appealing alternative to traditional insurance schemes. We’re excited to be backing Alan’s stellar team led by Jean-Charles and supporting them in achieving their vision of improving the quality of care delivered.”
Founded in 2016, the InsurTech startup has already covered more than 7,000 people at 850 companies. The company’s aim is to make health insurance as simple as subscribing to a software-as-a-service product.
Alan provides a price, which will be exactly the same for all types of companies but alters slightly based on the employees age. Each employee can also choose to cover their significant other for the same price, and their kids for an extra charge.
It also provides a dashboard to allow users to control and view all health expenses and a mobile app. The user can also add life insurance from CNP Assurances from the same interface.
Earlier this month, US online health insurance platform Oscar Health closed a $165m funding round to accelerate its expansion. Founders Fund and Brian Singerman led the investment, with participation from firms including 8VC, Verily Life Sciences, Fidelity, General Catalyst, Capital G, Khosla Ventures, and Thrive Capital, among others.
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