Investment

European family capital backs unicorn insurance platform

A well-connected health insurer with the unlikely name of Alan has raised funding worth $220 million from investment offices run by billionaires including the Agnelli and Berlusconi family. 

Alan has a notional value of $1.67 billion. It is based in France, where health insurance is compulsory. Its CEO Jean-Charles Samuelian-Werve previously built up an aircraft seating company called Expliseat and CTO Charles Gorintin is a former data scientist at Twitter and Facebook. 

They started operations in 2016 when Alan won approval from regulators to start an independent health insurance.

Alan offers an app that ensures clients take out the right policies at the right price. They can use it to arrange appointments with doctors and store details of their health and dietary requirements, preferences in alternative medicine and related issues.  It amounts to a niche version of Facebook concerned with health issues for individuals who currently total 160,000.

Alan operates a flat management structure. Its team is never expected to attend meetings, and salary and bonus details are shared between them. E-commerce companies like WeWork, Deliveroo, Just Eat and Big Mama have signed up for its service for their staff: Alan is keen to expand outside France. Its current revenues are $120 million, and rising.

In 2016, UK tech pioneer Brent Hoberman pitched Alan to seed investor Partech. At the outset, Alan’s directors included Guillaume Sarkozy, brother to the former president, and Canadian businessman Paul Desmarais.

Philippe Laffont’s Coatue led Alan’s latest round. A manager of assets worth $25 billion, it often pops up as a backer of tech-driven opportunities. 

Laffont, an ex-McKinsey man set up Coatue in 1999, initially to run hedge funds but later diversifying into venture capital opportunities like Ant Financial, ByteDance, Snap and Spotify.

Alan’s investors include Exor, backed by Italy’s Agnelli family, which recently led the failed attempt to create a European Super League for football. It is run by John Elkann, who shares Warren Buffett’s taste for investing in the insurance sector.

Dragoneer Investment Group is another investor led by another ex-McKinsey Marc Stad who used to work for private equity firm TPG Capital. It is also a serial investor in VC deals like Uber, Alibaba, Spotify and Slack. 

H14, is an Italian family office representing the children of Silvio Berlusconi, businessman and former Italian prime minister, said to be worth $7.7 billion. Luigi Berlusconi chairs H14, an active investor in sectors such as consumer goods and freight forwarding. 

It recently exited an investment in Deliveroo. Luigi is also a director of the Fininvest family business which invests in media, sport and finance, along with his siblings Pier Silvio Berlusconi and Barbara Berlusconi. It is chaired by Silvio Berlusconi’s eldest daughter Marina.  

Alan’s other backers in its latest investment round include Ribbit Capital, Index Ventures and Singapore’s Temasek Holdings.

Subscribe

You will need a Premium Plus Subscription to access this database.

Exclusive news, analysis and research on global family enterprise and private investment offices.

Access to the most comprehensive fully interactive database on global family offices, principal investment offices, and family enterprises.

Check Deal Data, Senior Staff, and New Analysis on more than 500 family/principal investment and holding groups

Already have an account? Login

Subscribe

You need at least a Premium Subscription to read this article.

The most comprehensive information service on the global family enterprise world, featuring exclusive news, analysis, research and data on global family enterprises, family offices, and private investment offices.

Premium

£299

per year

  • Exclusive reports, analysis and commentary
  • Exclusive access to family/private investment office deal information
  • Exclusive interviews with principals and senior management of family/investment offices
SUBSCRIBE NOW

Premium+

£399

per year

  • Access to All of Premium
  • Access to all of FamilyCapital Analytics, our interactive database with more than 500 detailed profiles of family investment groups

More Info

SUBSCRIBE NOW

Already have an account? Login

You've reached the end.

Continue reading free articles by registering as a Member.
Or choose a Premium Plan.

Membership

Free

  • Exclusive reports, analysis and commentary
REGISTER NOW

Premium

£299

per year

  • Exclusive reports, analysis and commentary
  • Exclusive access to family/private investment office deal information
  • Exclusive interviews with principals and senior management of family/investment offices
SUBSCRIBE NOW

Premium+

£399

per year

  • Access to All of Premium
  • Access to all of FamilyCapital Analytics, our interactive database with more than 500 detailed profiles of family investment groups

More Info

SUBSCRIBE NOW

Already have an account? Login

Leave a Reply