PROSUS / DARA HOLDINGS invest in ALAN
Context
Alan has completed a new €480 million funding round with Dutch group Prosus, which is joining the company's capital structure, and existing investors Teachers' Venture Growth and Index Ventures. UK-based family office Dara Holdings is also participating in the round as a new shareholder. A portion of the funds raised came from secondary transactions, allowing certain existing shareholders to sell a fraction of their shares. This transaction represents the largest funding round in Alan's history, coming just weeks after a previous €100 million financing. The primary objective of this funding round is to accelerate the company's international growth strategy and bolster its technological investments. The raised capital will be used to support the geographic expansion of the platform through the opening of new markets beyond its current footprint. Alan also plans to continue developing its digital health and prevention solutions, with a particular focus on integrating artificial intelligence into its offerings. The company aims to enhance the capabilities of its AI-powered medical assistant, enrich its personalized support services, and improve the automation of operational processes. Furthermore, the transaction provides Alan with strategic support from Prosus, a renowned international investor with expertise in large-scale technology platforms.
Previously, Alan had been acquired in an LBO by Index Ventures in 2026.
ALAN, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Financial Services sector (12.5x).
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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
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with ALAN
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2026 | INDEX VENTURES | ALAN | FRANCE | Insurance |
REFERENCES
Valuation range: EV 3b - 100b EUR
Revenue range: 450M - 900M EUR
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Press release: view release
Target: alan
Acquirer: prosus / dara holdings