Index Ventures invests in Alan
Context
Alan has successfully closed a €100 million Series G funding round, propelling its post-money valuation to €5 billion. The round was led by existing investor Index Ventures, with participation from Belfius Bank and several new high-profile entrants, including GreenOaks, Kaaf Investments, and prominent individual investors such as Shopify founder Tobi Lükte and footballer Antoine Griezmann. The strategic rationale for the round is to fuel Alan’s continued expansion and solidify its market leadership as it reaches a critical financial milestone: achieving profitability in its core French market in 2025. With an Annual Recurring Revenue (ARR) reaching €785 million and a target to exceed €1 billion in 2026, the company is using the fresh capital to scale its innovative health services and capitalize on major new contracts, such as the coverage for 135,000 French civil servants.
Alan, which reported an EBITDA margin of [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Financial Services sector (12.3x in 2026).
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Target
Founded in 2016, Alan is a leading European health-tech "neobank" for insurance, providing digital-first health coverage for employees and freelancers. The company's business model transitions from a traditional insurer to a comprehensive "health partner," integrating insurance with primary care services, mental health support, and virtual clinics. Its value proposition is centered on extreme transparency, a seamless user interface, and rapid claims reimbursement. Strategically, Alan targets SMEs, large corporations, and public sector institutions (such as the French Ministry of Economy). By combining insurance regulated capital with a high-growth SaaS-like delivery model, the company aims to own the entire health journey of its users across France, Belgium, and Spain.
Ent. Value
€1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
4x–10x
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Alan
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2026 | PROSUS / DARA HOLDINGS | ALAN | FRANCE | Insurance |
Similar deals in Insurance
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|---|---|---|---|---|
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| 06/2026 | PROSUS / DARA HOLDINGS | ALAN | FRANCE | Insurance |
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| 01/2026 | TOWERBROOK | MSA MIZAR | ITALY | Insurance |
| 11/2025 | DAVIES | SCM INSURANCE SERVICES | CANADA | Insurance |
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| 03/2025 | ALLIANZ / BLACKROCK / T&D HOLDINGS | VIRIDIUM GROUP | GERMANY | Insurance |
| 03/2025 | IK PARTNERS | SEVENTEEN GROUP | UNITED KINGDOM | Insurance |
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REFERENCES
Valuation range: EV €1–10bn
Revenue range: €1–10bn
EV/Revenue range: 4x - 10x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Alan by Index Ventures are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: alan
Acquirer: index ventures
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