French digital health insurance start-up Alan has raised €40m ($45m) in a Series B funding round led by Index Ventures and partners of DST Global.
The latest round, which takes the company’s total funding to €75m ($85m), follows the Series A round in April last in which the French startup raised around €23m ($26m).
French insurtech Alan intends to use the funds to boost its user base in France, with a focus on SMEs and freelancers.
The company is also planning to expand its team size to 175 by the end of this year.
The health insurance firm is looking to develop more consumer friendly health insurance product by using transparent pricing and reimbursement policies along with telemedicine services and care navigation tools like Alan Map.
It is also planning to target small and medium sized companies with its modern health insurance options that have been traditionally ignored.
DST Global managing partner Tom Stafford said: “Legacy solutions lead many employers to provide limited and inefficient health insurance for their employees.
“Through Alan, companies can sign-up quickly and easily and offer best-in-class healthcare for their employees at a competitive price and in a digital format.”
The company has grown its insured base to 27,000 people and its revenue has increased to €22m ($25m) in 2018.