Key French InsurTech investment stats in 2024:
- French InsurTech funding surged by 3x in 2024
- Average deal increased to $31m as investors prioritised higher value deals
- Alan, the insurance unicorn known for its streamlined health insurance and digital health services, secured a $193m Series F funding round to be the biggest French InsurTech deal of the year
French InsurTech funding surged by 3x in 2024
In 2024, the French InsurTech sector saw a sharp rise in total funding despite a decline in deal activity, marking a shift in investment trends.
A total of 15 deals were recorded in 2024, representing a 32% decrease from the 22 deals completed in 2023.
However, total funding in the sector surged to $465m in 2024—a substantial 3x increase from the $111m raised in 2023.
This sharp rise in funding, despite fewer deals, suggests that investors are favouring larger, more strategic investments rather than spreading capital across multiple smaller transactions.
Average deal increased to $31m as investors prioritised higher value deals
The average deal value in 2024 was $31m, a significant jump from the $5m average in 2023.
This trend highlights a shift towards high-value deals, with investors backing fewer but more well-established or high-growth firms.
When compared to 2020, when the sector raised $159m across 18 deals, the funding increase in 2024 signals strong investor confidence in select French InsurTech firms.
The sector appears to be moving towards a more concentrated investment approach, prioritising scalability and long-term sustainability.
As the market evolves, securing funding will likely depend on a company’s ability to demonstrate robust growth potential and a clear path to profitability, as investors continue to focus on high-value opportunities in an otherwise cautious investment environment.
Alan, the insurance unicorn known for its streamlined health insurance and digital health services, secured a $193m Series F funding round to be the biggest French InsurTech deal of the year
Initially established to complement France’s national healthcare with a user-friendly, automated claims experience, Alan has since broadened its offerings to include doctor consultations, mental health resources, and more through its mobile app.
The Series F funding round was led by Belgium’s Belfius Bank.
The Belfius partnership will not only provide fresh capital but also bring Alan’s health insurance products to Belfius’ extensive corporate client base in Belgium, driving Alan’s user growth beyond its existing half-million insured members.
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