French insurance startup Alan has raised $193 million in a deal that values the company at over $2.8 billion.
The Paris-based firm, which was founded in 2016, aims to become Europe's biggest healthtech company with over 25 million users by 2030. Alan enables businesses to offer employees health coverage to their employees and counts the likes of Just Eat, Deliveroo, and Intermarche among its customers.
Alan was the first newly-licensed health insurance company in France since 1986 and boasts around 300,000 users to date. It also offers services in both Spain and Belgium.
The Series E funding round comes a year after it reached a unicorn valuation. Teachers' Venture Growth (TVG), part of Ontario Teachers' Pension Plan Board, backed the round alongside existing and new investors including Temasek, Index, Coatue, Ribbit Capital, Exor, Dragoneer, and Lakestar.
"We saw at the beginning of the year that the market was strange and could last for a long time," Alan CEO Jean Charles Samuelian told Insider. "We decided that in the position we were in, having cash on hand from last round, a strong 2021, meant we had de-risked the business while showing growth."
Samuelian said he wanted to see if he could structure a funding round that "would make us totally able to focus on building the company for the next four years without needing to raise again until we were profitable."
Alan now works with more than 15,000 companies and claims to have annualized revenues of around $211 million.
Funding will go towards continuing to expand its product offering with the company aiming to reach a million customers as its next milestone. To that end, the startup is looking to hire around 1,000 new staff across Europe and will look to expand into a new market in 2023, Samuelian added.
Check out Alan's 19-slide Series E pitch deck below: