France-based digital health insurance firm Alan is looking to raised fresh funds, Bloomberg reported citing people familiar with the matter.
The quantum of the investment was not revealed, but the health insurer is looking at a valuation of around $2.7bn.
A final decision on the round is yet to be made and the terms of the transaction could change, the sources said.
Alan’s spokesperson did not comment on the news.
The news comes after Alan raised a $220m investment at a valuation of €1.4bn in April 2021.
Coatue led the round, which was joined by Dragoneer, EXOR, Index Ventures, Ribbit Capital and Temasek.
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By GlobalDataAlan has operations in France, Spain and Belgium, catering to 275,000 customers and offering health insurance to employees of 14,000 firms.
Founded in 2016, Alan is said to be the first new insurer licensed in France since 1986 by the French Prudential Supervisory Authority (ACPR).
The company had annualised sales of €161m at the end of 2021, Alan CEO Jean-Charles Samuelian-Werve revealed in a letter in January this year.
Alan aims to reach one million members by 2023 by focusing on product innovation, additional services, and expansions to new verticals and markets.
The firm said it is transitioning to a “healthcare super-app” from the “digital French health insurance company”.
It has launched apps such as Alan Baby and Alan Mind and plans to launch Alan as a Service soon.
