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April 20, 2021

French insurtech Alan receives $220m in financial boost

French health insurtech Alan has secured $220m (€185m) investment in a funding round led by Coatue at a €1.4bn valuation.

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What will drive the cyber insurance market over the next 3 years?

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by GlobalData
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Dragoneer, Exor, as well as existing backers Index Ventures, Ribbit Capital and Temasek also joined the round.

As of now, Alan has powered 9,400 companies in France, Belgium and Spain, with France being its main market.

The start-up aims to reach one million members by 2023, focusing on product innovation, additional services, and expansions to new verticals and markets.

The firm counts WeWork, Deliveroo, JustEat, Vitaliance and Big Mamma, among others, as clients.

Currently, Alan is extending its reach beyond insurance products to transform into a superapp for your health. Earlier this year, it launched a free app for parents called Alan Baby to help parents get their queries answered by a doctor or chat with other parents.

The firm also eyes expansion opportunities across Europe and intends to hire 400 people in the next three years, according to TechCrunch.

Alan cofounder and CEO Jean-Charles Samuelian told TechCrunch: “The context is that we managed to end the year 2020 very strong, finally — and I say finally because it’s been stressful until the last minute.”

In February this year, Zelros – another French insurtech startup – closed an $11m Series A financing round to expand its operations to North America.

The round was led by Silicon Valley-based BGV. New investors ISAI Cap Venture and Plug and Play, and existing backers ISAI Cap Venture and Plug and Play also participated in the round.

In December last year, another French insurance startup Luko reportedly raised $60m in a Series B funding round led by EQT Ventures.

EQT was joined by its existing investors Accel, Founders Fund and Speedinvest and angel investors including Hippo Insurance co-founder and CEO Assaf Wand.

 

 

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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