Mental healthcare network Alma raises $130M
Alma, a membership-based network focused on mental healthcare, has raised $130 million in a Series D funding round, nabbing investments from big names such as Cigna Ventures.
Alma, a startup based in New York that helps independent mental health care providers accept insurance and build their practices, has raised more than $220 million to date with the new funding. The latest funding round was led by software investment firm Thomas Bravo, with participation from Cigna Ventures, the investment arm of healthcare giant Cigna. Alma already had some impressive investors behind it, including Optum Ventures, which also participated in the Series D round, as did Insight Partners, Tusk Venture Partners, Primary Venture Partners and Sound Ventures.
Alma has been on a growth spurt in the last 12 months, tripling its network to 8,000 mental health providers that are licensed in all 50 states. The company also joined Evernorth’s behavioral health network earlier this year, leading to an investment from Cigna in the latest funding round. Evernorth is the behavioral health services business of Cigna.
"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,” Alma founder and CEO Dr. Harry Ritter said in a statement. “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.”
Alma also noted it is focused on diversity, with almost 40% of its providers within its network identifying as Black, Hispanic/LatinX, or Asian. Providers on the platform also speak more than 40 languages, the company stated.
"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," Ross Devor, a Partner at Thoma Bravo, said in a statement. "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."
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."