30% European unicorn May have lost his multi-billion dollar status.but no Allan. The French health insurance startup is now worth €5 billion – about $5.83 billion, up from $4.5 billion in 2024.
Founded in 2016, Allen has grown to a team of 740 people providing health insurance and wellness services to over 1 million employees, freelancers and retirees. Its app already lets users manage reimbursements, access doctors and track health habits. The company says it now has the means to “invest ambitiously, esp [tech] And [AI]According to a statement from its CEO, Jean-Charles Samuelin-Vervay, who is also a co-founding advisor and board member at French AI company Mistral AI.
Allen’s latest valuation comes from a €100 million round ($116 million) led by existing investors Index Ventures, with new investors Greenoaks, Kaaf, and SH along with business angels including Shopify founder Tobi Lütke and 2018 FIFA World Cup winner Antoine Griezmann. Belgian bank and insurance company Belfius, a strategic partner that led the previous Series F round, also participated.
In the interim, Alain won a contract to provide health insurance to 135,000 civil servants and their relatives, boosting private sector deals in France and abroad. The company claims it will reach €785 million – about $915 million – in annual recurring revenue in 2025, up 53% from the end of 2024.
Without giving exact numbers, Allan also announced it had reached operational profitability in its home country, where it was the first newly independent insurer to be licensed since the 1980s and which is its biggest market. The company has since expanded into Belgium and Spain, where it counts HP and Volkswagen as clients. And most recently, in Canada, where it is now licensed in all provinces and has begun commercial operations.
Overall, Allen says it is approaching operating breakeven. After posting net losses of $61 million in 2023 and $56 million in 2024, it claims to have halved its losses as a percentage of revenue over the past 12 months. With international expansion and product improvements as priorities, Allen aims to reach $1.16 billion in ARR in 2026 rather than profit. It looks like investors can live with this trade-off.