Teachers' Venture Growth leads Alan's EUR 183m Series E

Rachel Lewis
05 May 2022

Tweet
Facebook
LinkedIn
Google plus
Send to

Teachers' Venture Growth (TVG), the venture arm of the Ontario Teachers’ Pension Plan Board, has led a EUR 183m Series E investment in French health tech company Alan.

TVG joined as a first-time investor alongside Lakestar, while Temasek, Index Ventures, Coatue, Ribbit Capital, Exor, and Dragoneer participated as existing investors.

The Series E round values Alan at EUR 2.7bn, it said in a statement. The company last raised EUR 185m at a EUR 1.3bn valuation in April 2021, with Coatue as the lead investor.

Alan generates revenue of EUR 200m by providing digital health insurance to more than 300,000 employees of 15,000 companies in the tech, hospitality and retail sectors.

The company said it saw 85% revenue and member growth in 2021 and is currently outperforming its plan for 2022. By the end of 2025, it wants to cover one million members across Europe.

Alan will use the cash to make 1,000 hires across the continent as well as develop its mental health platform Alan Mind and expand other services under its virtual clinic.

It entered Belgium and Spain last year through greenfield operations.

TVG makes late-stage investments of CAD 50m-CAD 250m across Europe, North America and Asia. It doesn't have a ceiling on the size or length of its holding since it aims to give Ontario Teachers' exposure to high returning asset classes, according to its website.

It is also a substantial investor in Alan's European peer Kry, a Swedish B2C telehealth platform valued at around EUR 1.6bn after a EUR 262m Series D in April last year.

Kry has also started to offer digital mental health and therapy services, launching internet-based cognitive behavioural therapy (iCBT) at the end of 2021.

Outside of healthcare, TVG recently led a USD 220m Series D round for German Taxfix, which allows users to submit tax returns more easily, alongside Index Ventures, Valar Ventures, Creandum and Redalpine.

TVG rebranded last month from Teachers' Innovation Platform, as it aims to double the size of its portfolio to comprise 7%-10% of Ontario Teachers' net assets over the next five to ten years, up from approximately 3% today.