Mental health provider network Alma raised $130 million in a Series D funding round led by Thoma Bravo with participation from Cigna Ventures that will help therapists offer in-network care in all 50 states.
The funding round also included participation from existing backers Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners and Sound Ventures. The fresh capital brings Alma’s funding to date to over $220 million, according to a press release on Friday (Aug. 26).
“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.
Headquartered in New York, New York, and founded in 2017 by CEO Harry Ritter, M.D., J.D., Alma aims to meet the demand for mental health care by helping providers with the support and infrastructure they need to accept insurance and run their small businesses.
Providers who are members of Alma gain access to insurance support, teletherapy software, automated billing and scheduling tools, according to the release. They also can collaborate with a community of clinicians that come together for education, training, and events.
“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,” said Alma member Manuela Mage, LCSW.