Alan – One year after gaining unicorn status, Paris-based insurance Alan has completed a new €183 million Series E funding round, bringing the financing raised since its founding in 2016 to €448 million, which values it at 2,700 million, which is twice as much as last year. The funding will expand its digital health service in Spain and Belgium.
The Teachers’ Venture Growth (TVG) fund, a Canadian fund owned by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’), has led this latest round. Specifically, it has subscribed for 80% of this operation by injecting 150 million euros to position itself as a new minority partner. Venture capital fund Lake star also enters the capital, while existing investors (Temasek, Index Ventures, Coated, Ribbit Capital, Exor, Dragonet…) put their money back in the pot
After the operation, the two founding partners -Jean-Charles-Samuel Ian, CEO, and Charles Giantin-, maintain a significant stake in the shareholding of the Gallic unicorn. The insurance, which has a health agreement with DKV, says that it has 300,000 members in Europe in 15,000 companies. He crowned a unicorn in April 2021 and, until now, has made a habit of raising funds yearly around these exact dates. Alan now says that he generates an annual income of 200 million euros.
Plans In Spain
The French firm has detailed to economists that, of the 183 million raised, 45% will be invested in the French market; 25% will go to international growth and expansion in existing markets, and the remaining 30% to technological improvements, infrastructure, and development of services. “The investment in Spain will allow us to generate jobs, multiplying our current workforce by four over the next three years,” they point out.
The company recalls that it currently has an agreement with DKV, “which gives us access to its extensive medical network of 40,000 specialists and 1,000 doctors. We have started operating with companies but do not rule out including individuals. Currently, we are already in 140 companies in Spain, and we hope to reach 80,000 policyholders in three years”, explains Irene Martínez, new General Manager in Spain.
Bet On Mental Health
But not all insurance side bets have functioned. A year and a half ago, Alan hurled Alan Baby, a second app focused on his baby’s health, offering a mix of content, some community discussions, and the ability to start a conversation with a doctor. Unfortunately, the company will close Alan Baby in the next few weeks. “In 2022 and 2023, cerebral health will be a very high priority. That is why we have decided to close Alan Baby so that we can reallocate resources,”.
In terms of mental wellness, Alan offers a consumer app following the acquisition of Jour. There is also a B2B service called Alan Mind. The company provides exercises and content. Employees can also get in touch with an expert whenever they need it. Some companies subscribe exclusively to Alan Mind. Others add the Alan Mind package to their existing Alan contract.
Mental health issues are on the spike as many people are being comforted with work from home. The pre and post covid areas show a drastic change in a person’s health. As a result, people are being less involving in these outdoor activities. However, it provided a better platform for business personalities to develop and earn extensively.