DAKAR, Sept 2 – French health insurance company Alan has acquired Senegalese insurer Tanel as it expands into Africa following a €580 million fundraising campaign that lifted its valuation to €5.5 billion.
The companies did not disclose the value of the transaction. Tanel, which Alan backed during its seed round, was valued at $7.5 million in 2024. The acquisition gives Alan access to Senegal and Ivory Coast and expands its geographic footprint beyond France, Spain, Belgium and Canada.
Alan, founded a decade ago, provides health insurance packages primarily to corporate clients and has more than 1 million members. Its customers include Volkswagen in Spain and France and the French finance ministry. The company generated €840 million in annual recurring revenue, although it remains loss-making.
Tanel operates a similar corporate insurance model, serving clients including Yango and KFC. Its coverage extends to roughly 70,000 people across Senegal and Ivory Coast, giving Alan an established customer base from which to develop its African operations.
The transaction also represents a notable exit for African venture investors. Tanel’s backers included Nigeria-based Ventures Platform and Japan’s AAIC, which specialises in healthcare investments across Africa.
Alan Chief Executive Jean-Charles Samuelian-Werve said the relationship between the two companies helped establish the basis for the acquisition and its broader African expansion strategy.
“We looked at different opportunities for expansion and we were lucky to know the Tanel team for one year and a half,” Samuelian-Werve told the Financial Times.
Tanel had initially been preparing to raise a Series A round, but discussions with Alan shifted the company’s strategy towards a combination with the French insurer. Tanel Chief Executive Mouhamed Ndoye said the companies concluded that joining forces offered a stronger route for expansion.
“That was actually our initial plan earlier this year,” Ndoye said of raising new capital. “But as we were discussing with Alan, we realised that it was a great opportunity to join forces because Alan has evolved beyond just health insurance.”
Tanel will be rebranded under the Alan name, while Ndoye and co-founder Makhtar Diop will remain responsible for operations and the company’s wider African development. The strategy includes plans to enter English-speaking markets in both West and East Africa.
The acquisition comes after Alan raised €580 million during 2026, increasing its valuation by €1.5 billion from its previous fundraising in 2024. Its investors include Prosus, Index Ventures and French footballer Kylian Mbappé, who is also an ambassador for the company.
For Alan, the Tanel acquisition provides more than a new market. It gives the company an existing operating platform, customer base and management team in a region where private health insurance remains an expanding part of Africa’s broader healthcare and financial services markets.
The planned expansion into additional English-speaking African markets could further broaden Alan’s regional footprint, with the Tanel transaction serving as the company’s initial platform for its entry into the continent.
