Alan raises EUR480M at EUR5.5B: health insurtech is recovering

A few years ago, the sector looked troubled. Bright Health exited the market, and Oscar and Clover were widely seen as SPAC-era disappointments. Today the picture is different. Oscar has returned to profitability and its share price is up around 90% over the past year, valuing the company at almost $10B and making it one of the highest valued HealthTech companies. The turnaround demonstrates that the health insurtech model can work when companies focus on unit economics and sustainable growth rather than growth at all costs.

A mutuelle is French complementary insurance that covers what the public system does not. It is a large but fairly commoditized market. Alan looks different for two reasons. It is the first newly licensed health insurer in France since the 1980s, and it combines insurance, care, and prevention in a single, AI-supported platform (over EUR800M ARR, around 850 employees, profitable in France). Its aim is to move from paying claims after illness to helping members stay healthy: an approach it calls 'prevention insurance.' This shift from reactive reimbursement to proactive health management is the core thesis behind Alan's valuation premium over traditional mutuelles.

Two of the top 20 most-funded companies failed (10%). Babylon went public at a $4.2B valuation and filed for bankruptcy within two years. BenevolentAI reached close to $2B before its value fell sharply and it was taken private. These were costly failures, but the other 90% of the top 20 remain active and growing, which is notable in such a demanding sector. The survival rate suggests that despite high-profile blowups, the HealthTech sector as a whole has been more resilient than the narrative suggests.

Alan is not the only recent large raise. Oviva closed a EUR200M Series D led by Kinnevik in January 2026 for reimbursed digital therapy for obesity and diabetes. Oura raised $900M+ in a Series E in October 2025 at an estimated $11B valuation, expanding from a smart ring into preventive health. Distalmotion raised $150M in a Series G in November 2025, bringing surgical robotics to outpatient centers. Doctor.se raised approximately SEK 250M in a pre-IPO round in November 2025 ahead of a planned 2026 Stockholm listing. SWORD raised $40M in June 2025 at an estimated $4B valuation for AI-based physical therapy, now moving into mental health. And Neko Health raised $260M in a Series B in January 2025 at an estimated $1.8B valuation for full-body scanning for early detection.