Temasek-backed health insurance startup raising funds at 2.5b euro valuation: sources

[LONDON] Digital health-insurance startup Alan is in talks to raise new funding with a valuation about 2.5 billion euros (S$3.7 billion), according to people familiar with the matter.

The round isn't finalised yet and the details could change, the people said, who asked not to be named discussing private information. A spokesperson from Alan declined to comment.

Paris-based Alan last raised 185 million euros in April 2021 at a 1.4 billion-euro valuation from investors including Coatue Management, Temasek and Index Ventures. Other backers include Exor, the holding company of Italy's billionaire Agnelli clan, and Dragoneer, an early backer of Spotify.

The company had annualised sales of 161 million euros at the end of last year, according to a January shareholder letter from chief executive officer Jean-Charles Samuelian-Werve. When it was created in 2016, Alan became the first insurance business to obtain a licence in France in 30 years. The company operates in France, Spain and Belgium. BLOOMBERG