French digital health insurer Alan has secured €100m ($115.4m) in new funding, pushing its valuation above €5bn.

The funding round was led by Index Ventures through its growth fund, with additional participation from Belfius, Greenoaks, Kaaf Investments and SH Capital.

Individual backers included Shopify CEO Tobi Lütke and Wealthsimple co-founder and CEO Mike Katchen.

Alan said the capital raise comes after a year in which it recorded growth and reached operational profitability in France, which remains its biggest market.

In 2025, the company’s annual recurring revenue reached €785m.

The company is also pushing further into international markets including Canada, where it launched in early 2025.

Alan said it is now licensed across the country and has more than 1,600 members.

The Canadian operation is based in Toronto, with plans to add a presence in Montreal as the local team expands.

Alan co-founder and CEO Jean-Charles Samuelian-Werve said: “Canada is an important long-term market for Alan. Employers and employees here are looking for a simpler way to access and use their health benefits. We believe there is a real opportunity to bring a more transparent and accessible approach to healthcare in Canada.”

Commenting on the Canadian landscape, Alan said the employee health benefits sector has changed little over recent decades, often leaving employers offering plans that can be hard for staff to navigate and use.

Alan’s offering combines insurance, care and prevention services in a single app, enabling employees to check coverage, file claims and access routine health services.

The platform also includes prevention programmes spanning mental health, physical activity and broader well-being.

In Canada, early customers cited by the company include Rates.ca and Venn, which use the platform for employee benefits.

Alan said it is continuing to recruit in the country and intends to widen the services available, including additional health services and more flexible benefits options for employers.