Alan, a Paris-based HR tech startup offering health insurance to European employers, has raised a $220 (€185m) million Series D.
Now value at $1.67 billion, Alan is the latest HR tech outfit to join the technology unicorn club.
Investors in the round included Coatue, Dragoneer, Exor, Index Ventures, Ribbit Capital, and Temasek.
According to TechCrunch, Alan generates more than €100 million in annual revenue, covers 160,000 people, and is said to have 9,400 companies on its client roster.
Clients include WeWork, Deliveroo, JustEat, Vitaliance, and Big Mamma. Alan’s customers are spread out over Belgium, Spain, and France but the latter remains its main market.
Founded in 2016, Alan has created a modular insurance builder, meaning companies can, in most instances, create a bespoke insurance package.
The product allows customers to automatically manage sick leave, change employee affiliation status, to name but a few.
Alan’s product also enables employees to know how much money they would need to spend to see a doctor, see a map of local doctors and how much they charge on average.
The startup also claims that 75% of insurance claims are reimbursed and available in users’ bank accounts in less than 60 minutes.
Alan is also moving beyond insurance products, and adding several features it hopes will also increase retention.