Alma, a New York-based mental health platform, has raised $130M in Series D funding led by Thoma Bravo, a leading software investment firm, with participation from Cigna Ventures.
Existing investors Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners, and Sound Ventures also participated in the round. The latest round brings the company’s total funding to over $220M.
The company will use the funds to help therapists offer in-network care in all 50 states.
Affordable mental health care
Founded by Dr. Harry Ritter, Alma is on a mission to simplify access to high-quality, affordable mental health care by giving providers the tools they need to build thriving in-network private practices.
When the providers join Alma, they gain access to insurance support, teletherapy software, automated billing and scheduling tools, and a vibrant community of clinicians that come together for education, training, and events.
Over the past 12 months, the US company has scaled its network over 3X to 8,000 mental health providers licensed to practice in all 50 states.
Almost 40 percent of providers in Alma’s network self-identify as Black, Hispanic/LatinX, or Asian. In addition, they speak over 40 languages, ranging from American Sign Language to Cantonese.
“By centering therapists at the forefront, Alma is creating a sustainable business model that helps providers accept insurance, grow their private practice, and reach more people seeking care. Over the past year, we scaled our services to offer in-network mental health care in all 50 US states, helping people find much-needed care during their greatest moments of need,” says Alma founder and CEO Dr. Harry Ritter.
Thoma Bravo is one of the largest private equity firms in the world, with more than $114B in assets under management as of March 31, 2022. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors.
“Alma’s unique provider-first approach to mental health care allows providers to deliver high-quality patient care while also making it as easy as possible for them to start and grow their practices,” says Ross Devor, a Partner at Thoma Bravo. “Alma is providing tremendous value to key ecosystem participants: increased patient access, insurance, and billing support for providers, and valuable, diverse networks for payers. We look forward to leveraging our significant software and healthcare sector expertise to support the company’s continued growth.”
