Paris-based health insurance platform Alan has raised €173 million for its Series F in the largest European insurtech deal this year.
Belgian bank Belfius led the round, which values the startup at €4 billion—a 48% increase from its previous valuation of €2.7 billion following a €183 million Series E in 2022. As part of the deal, Alan will offer its services to the bank’s corporate and institutional clients.
Existing investors Ontario Teachers’ Pension Plan, Temasek, Coatue Management and Lakestar also participated in the new round.
Europe’s insurtech market has registered a steady decline in venture capital dealmaking recently since its peak in 2021, returning to pre-pandemic levels.
Deal value for this year currently stands at €777.4 million, putting 2024 on track to be on par with last year’s annual total of €957.2 million—the lowest level since 2019. Deal count is likely to keep falling with only 71 rounds closed this year. At the current pace of dealmaking, 2024’s deal total would be at its lowest since 2016.
Only one other insurtech mega-deal—defined as over €100 million—has closed this year, also in September; Paris-based AI-driven insurance pricing platform Akur8 raised a $120 million Series C led by One Peak.
Alan’s Series F has made it into the top 10 list of Europe’s largest insurtech VC deals ever. London-based Inigo’s £600 million investment from backers including Enstar and Qatar Investment Authority in 2020 currently stands as the largest VC round in the sector.
Earlier this year, it was reported that Alan had no intentions of raising further funding as it concentrated on achieving profitability. In 2023, Alan is said to have reported €350 million in revenue and net losses of €59 million in 2023. While no exit is on the horizon in the near future, the company’s CEO and cofounder Jean-Charles Samuelian-Werve reportedly said he would consider an IPO within the next five to six years.
Alan cofounders Jean-Charles Samuelian-Werve (left) and Charles Gorintin/Featured image by Vinciane Lebrun / Voyez-Vous
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