French health insurtech Alan has secured $220m (€185m) investment in a funding round led by Coatue at a €1.4bn valuation.
Dragoneer, Exor, as well as existing backers Index Ventures, Ribbit Capital and Temasek also joined the round.
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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.
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By GlobalDataThe 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.
