Mike Katchen and Tobi Lütke made personal investments in Alan SA’s €100-million raise. London-based Index Ventures led the round. The company’s valuation has increased by about a billion euros since 2024. (The Logic)

Talking point: Alan operates in France, Spain, Belgium and Canada, selling health plans to employees, freelancers and retirees, and delivers care services through its app. Katchen and Lütke aren’t the first Canadian investors to back the 10-year-old company. Ontario Teachers’ Pension Plan bought a minority stake in the business when it raised its Series E in 2022. The company expanded to Canada two years later, setting up a team in Toronto. Alan CEO Jean-Charles Samuelian-Werve told The Globe and Mail that the company hopes to learn from Katchen and Lütke’s success. “Tobi and Mike are among the greatest entrepreneurs in the world and people I love learning from,” he said.