Singapore-based state-owned investment company Temasek has invested in France-based digital health insurer Alan, the media reported.
Besides Temasek, investors who took part in the funding round for Alan include Index Ventures. Reportedly, Alan raised around $54.4 million in the funding round.
Alan not only provides healthcare insurance products but also telemedicine appointments.
Customers can also log in to the Alan app, and locate medical professionals nearby and according to their specialty.
Alan co-founder and chief executive officer Jean-Charles Samuelian said that once the world begins to emerge from the Covid-19 health crisis, the expectations and demands on the healthcare system will lead to a much faster transition to digital solutions.
Last month, Temasek’s biggest equity shareholdings and those of its subsidiaries plunged almost $24 billion since January as a result of the coronavirus pandemic.
The Singapore-headquartered investment firm has stakes in firms across the globe such as Alibaba in China, state-owned Singapore Airways, Chinese multinational conglomerate holding company Tencent, US-based multinational financial services company Visa, Hong Kong-based insurer AIA Group, China Construction Bank, DBS Group, Mastercard, Standard Chartered, Paypal and HDFC Bank.
With regard to the decline in value of Temasek’s portfolio due to the Covid-19 outbreak, Temasek Holdings Chairman Lim Boon Heng told the media, “It’s pretty obvious with the way stock markets are behaving recently that we should expect the returns to be down. But now is not the time to think about whether you’ve made a loss or not. Now is the time to see how we can all get rid of this virus.”