Healthcare Insurance Startup Company App Alan Raises Over $222 Million, Becoming a Unicorn

By Elijah Labby Tuesday, April 20, 2021

French startup company Alan and its health insurance app have raised €185 million (over $222 million) to continue growing its business insurance company, raising its total valuation to over $1 billion and receiving the much sought-after unicorn designation.

Alan co-founders Jean-Charles Samuelian-Werve and Charles Gorintin.

What the Startup Company Wants to Do

The startup company says access to healthcare insurance is far too difficult in our modern world, and it needs to be reformed. Alan seeks to meet that goal by developing and growing their all-in-one healthcare insurance app that allows businesses to find all of their insurance needs consolidated into one app and tackle them with ease.

Global investment firm Coatue led the most recent round of startup business funding, with contributions from other venture capital firms Dragoneer, Exor, Index Ventures, Ribbit Capital, and Temasek.

What the CEO of the Startup Business Wants to Do

However, Jean-Charles Samuelian, co-founder and CEO of Alan, says the company is still looking for ways to grow and continue serving its users.

“We’ve always wanted to build the healthcare super app for 10m, 100m, several 100m people,” he said. “That means being the place where all healthcare and wellbeing is — from information to prevention to access to care, physical or digital, and managing post-care and payment.”

The CEO of Alan explained the aims of his app company to the European news outlet sifted. He said he wanted the design of the app to be attractive to users. Additionally, he added that Alan is still working on getting bigger and bigger insurance firms on the app.

“We want to build a product which is very personal and proactive, which gives you the right coverage and is instant and delightful,” he said. “...Honestly, the 10k person companies didn’t want to sign before we had a few 5k person companies. It’s a trust thing. One year ago, we had 65k members; if a 20k person company had signed, that would be a big chunk of our members.”

The Value of the Alan App

The insurance technology business is growing quickly, meaning that the market for a startup company like Alan is primed for opportunity.

The global insurance technology market, often referred to as insurtech, is growing at a compounded annual growth rate of nearly 50% and is anticipated to reach a value of $60.98 billion by 2028 — up from $3.78 billion this year. So while the market is good even now, it will (if projections are correct) be much better in the near future.

Since a majority of business across the world is done online now, and while that can sometimes mean the particular offerings of a particular company are more accessible, it doesn’t mean they’re more streamlined. The Alan startup app is an attempt to take a complicated business that too often can be muddled by outdated and confusing technology and make it simple for anyone to manage. If the market is any indication, the startup app company is on the right track.

About the Author

Headshot for author Elijah Labby

Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.

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