French insurance startup Alan has secured an investment of €183m in a Series E funding round at a total valuation of €2.7bn.
The latest funding round was led by Teachers’ Venture Growth (TVG), the venture fund of the Ontario Teachers’ Pension Plan Board.
The French startup’s existing investors such as Temasek, Index Ventures, Coatue, Ribbit Capital, Exor, Dragoneer and Lakestar also joined the round.
The latest fundraise comes almost a year after the Paris-based venture raised €185m in a Series D round at a valuation of approximately €1.4bn.
Alan, which received approval from regulators to become an official health insurance company in 2016, now has annualised turnover of €200m.
The insurance startup now covers more than 300,000 people and boasts of 15,000 corporate clients mainly in the tech, hospitality and retail sectors.
Alan co-founder Charles Gorintin revealed that the company aims to become cash flow positive in France by the end of 2024.
“We want to be independent of the ups and downs of the fundraising markets,” sifted quoted him as saying.
“Right now, [the fundraising market] is kind of down — but we still managed to raise this round, which is great news. Becoming cash flow positive in our main market will give us a lot more independence and allow us to grow healthily without outside funding,” Gorintin added.
The French insurance startup is currently focusing on France, Belgium and Spain but also plans to foray into other European countries soon.