Alan raises €50 million to expand digital health insurance across Europe

Alan has raised a €50 million round of venture capital as the Paris-based startup seeks to expand its digital health service across Europe.

Singapore’s Temasek led the round of funding, which also included participation from previous investors including Index Ventures. Alan has now raised a total of €125 million.

The company's fundraising is the latest sign of how many entrepreneurs and VCs believe the health care sector remains ripe for disruption. With the spread of the coronavirus putting tremendous pressure on antiquated administrative systems, the opportunities to reinvent the backend of medial systems seems even more urgent.

“Since its creation, Alan has been driven by its mission to make the healthcare system frictionless, fair and friendly for everyone," said Alan co-founder and CEO Jean-Charles Samuelian in a statement. "In the current crisis, this is more needed than ever. The global COVID-19 outbreak has reinforced people’s aspiration for more control over their health, and for a better healthcare system at every level."

Alan's platform allows doctors and patients to connect by either booking appointments or making video calls. Users can also file insurance claims and track the status of any payments.

The features on its app include the “Alan Map" to helps users find appropriate medical help, a COVID-19 “Coup de pouce” to centralize information on the pandemic, a symptoms checker, and mental wellness programs such as mediation and yoga.

Founded in 2016, the company has 200 employees in France, Spain, and Belgium. The company now covers more than 76,000 people and reported revenue of €58 million on 2019, an increase of 165% from the previous year.

With the latest funding, the company said it intends to expand to the majority of European countries within 5 years.