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  • Buzzy french health insurance startup Alan has raised $54 million from Index Ventures and Temasek. 
  • The Series C funding takes the company’s total funding to €125 million ($136 million) and will be used to help continue the company’s expansion into new European markets. 
  • “We believe we have a significant role to play in society at Alan and that we should keep investing in that,” Alan CEO and cofounder Jean Charles Samuelian told Business Insider in an interview.
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Buzzy french health insurance startup Alan has raised $54 million from Index Ventures and Temasek. 

The Series C funding takes the company’s total funding to €125 million ($136 million) and will be used to help continue the company’s expansion into new European markets. When it was founded in 2016, Alan became the first licensed health insurance company in France since 1986. CEO Jean Charles Samuelian estimates the French market is alone worth as much as $50 billion, and the startup competes with legacy operators like AXA and Generali. 

“We believe we have a significant role to play in society at Alan and that we should keep investing in that,” Alan CEO and cofounder Jean Charles Samuelian told Business Insider in an interview. “We agreed on terms before coronavirus became a big issue in Europe and wanted an ambitious round and we had no change in the negotiations.”

Health insurance is an obligation for French employers and Alan covers more than 76,000 members with a staff of 200. The company claims its revenues have increased 165% year-on-year to €58 million ($63 million) in 2019.

“This is a time for people to care about one and other and I think we see a long term trend of employers taking more care of their employees,” Samuelian added. “We want to be a major player in that.”

The company provides COVID-19 news on its platform, alongside a free symptom tracker. Samuelian said that the startup’s customer service teams are now pivoting to provide more services to users who are understandably scared and asking more questions. 

Part of this year’s plan includes further expansion outside of France with Spain and Belgium next on the list, something Samuelian expects to see by the end of 2020. That expansion will see another sizeable cohort, around 80 people, join this year. The funding round was closed, remotely, around 10 days ago and was not materially impacted by the ongoing pandemic, Samuelian said. Index Ventures provided the most funding but Singaporean sovereign wealth fund Temasek co-led the round. 

We got an exclusive look at Alan’s (redacted) pitch deck:

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