Alan, which makes a SaaS platform for the private health insurance market in France, raises $45M Series B after raising a $28M Series A in April 2018
Romain Dillet / TechCrunch :
Context & Ripple Effects
This $45M Series B is an early checkpoint in what became one of Europe's longest-running insurtech funding streaks. A year later Alan followed with a €50M Series C, and by 2021 it was billing itself as a healthcare super app serving 155K members across France, Belgium and Spain.
The arc since then validates the Series B thesis: €173M led by Belfius Bank at a €4B valuation in 2024, then €480M from Prosus at €5.5B with management pointing to €1B+ in annual recurring revenue. Reading this 2019 round backward, it is the moment a French SaaS insurer proved it could keep raising at accelerating scale.
First-order effects
- Alan gets the capital to push beyond its home market — the trajectory that follows shows it operating in France, Belgium and Spain within two years of this round.
- Incumbent French private health insurers now compete against a software-native rival whose product cadence and fundraising pace they must match.
Second-order effects
- Sustained mega-rounds from Belfius, Coatue, Prosus and others pull institutional and even bank capital into European digital health insurance, raising the bar for any challenger trying to enter with less.
- As Alan bundles mental health programs and broader services into its app, competition shifts from price-per-policy toward who owns the member relationship end to end.
Third-order effects
- If the pattern holds, private health insurance in Europe consolidates around software platforms that raise like tech companies and distribute like consumer apps, with traditional carriers relegated to underwriting or acquisition targets.
The trend: European health insurance is being rebuilt by software-native startups whose compounding venture rounds — from this $45M Series B to Prosus-led hundreds of millions — are steadily repricing the sector around platform ownership rather than policy books.