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.

Alma, a membership-based network of independent mental health care providers, has closed a $130 million 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.

According to Bloomberg, the funding valued the startup at about $800 million.

How it works

When mental health providers join up with the Alma network they get the advantages of insurance support, Delhi therapy software, automatic billing and scheduling tools. They also get access to a community of clinicians for education, training, and events.

Alma owns a transaction fee on every patient consultation through its network.

Alma has grown its provider network over the last 12 months three times to 8,000 mental health clinicians across 50 states. That is an indication of the rising demand for mental health care which can be met through membership of the company’s network, creating successful small businesses for mental health providers. The market received a fillip after the pandemic.

“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’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.

Taking into account the latest funding, Alma has raised $220 million to date.

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