" class="no-js "lang="en-US"> Alma Raises $130M in Series D Funding led by Thoma Bravo to Advance its Mission to Simplify Access to High Quality, Affordable Mental Health Care - Medtech Alert
Saturday, February 04, 2023

Alma Raises $130M in Series D Funding led by Thoma Bravo to Advance its Mission to Simplify Access to High Quality, Affordable Mental Health Care

Alma, a membership-based network that helps independent mental health care providers accept insurance and build thriving private practices, has announced $130 million 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, bringing the company’s total funding to over $220 million.

“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 U.S. states, helping people find much-needed care during their greatest moments of need,” said Alma founder and CEO Dr. Harry Ritter.

Alma helps providers meet the rising demand for mental health care by giving them the support and infrastructure they need to accept insurance and run their small business. When 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.

“I’m grateful to Alma for creating an incredibly welcoming environment for therapists and giving us a space of belonging in a field that can feel isolating,” said Alma member Manuela Mage, LCSW. “Whenever I have a question or an issue I’m wrestling with, I know that I can go to Alma’s community hub and get advice and diverse perspectives from therapists that have dealt with the same issues. It’s also a relief to know that Alma handles the insurance billing and claims management so I can focus on helping my clients navigate challenging moments in their lives.”

Over the past 12 months, Alma scaled its network over 3X to 8,000 mental health providers that are licensed to practice in all 50 states. As Alma grows, the company remains committed to nurturing a diverse community of clinicians that are able to serve clients across the country. Almost 40 percent of providers in Alma’s network self-identify as Black, Hispanic/LatinX, or Asian. They speak over 40 languages, ranging from American Sign Language to Cantonese.

“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,” said Ross Devor, a Partner at Thoma Bravo. “Alma is providing tremendous value to key ecosystem participants: increased access for patients, 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.”

“Earlier this year, Alma joined Evernorth’s behavioral health network and we continue to be impressed with their shared vision to bring high quality, affordable mental health care to the customers we serve,” said Tom Richards, global leader for strategy and business development at Cigna. “With this investment in Alma and their growing network, we can accelerate how we drive access to diverse in-network therapists, allowing our customers to access care when and where they need it most. We believe that Alma is well positioned to make this a reality and look forward to supporting their efforts to expand access to care with this innovative model.”

Key Hires

Dr. Elisabeth Morray, a licensed psychologist and the former director of telehealth at LifeStance Health, joined Alma’s leadership team as the vice president of clinical operations. In her role, Morray will serve as an advocate for Alma’s providers and continue to see clients on Alma’s platform. Alma also welcomed Erik Lumer, the former Chief Product Officer at Maven Clinic, as Chief Product Officer to lead the company’s next phase of product development, and Chiddy Onyia, Esq., the former General Counsel and Chief Compliance Officer at Quartet Health, as General Counsel to help the company and our providers navigate the ever evolving regulatory landscape.

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