Funding will help therapists offer in-network care in all 50 states
NEW YORK—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."
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.
To learn more about Alma, visit: www.helloalma.com.
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. Alma's membership platform enables providers to manage insurance, billing, scheduling, client referrals, and continuing education, enabling them to focus on what matters most: delivering care to clients. Named one of Fast Company's Most Innovative Companies In Health, Alma's investors include Thoma Bravo, Cigna Ventures, Insight Partners, Optum Ventures, Tusk Venture Partners, First Round Capital, Primary Venture Partners, Sound Ventures, BoxGroup, Rainfall Ventures, and Able Partners. Learn more at www.helloalma.com.
Thoma Bravo is one of the largest private equity firms in the world, with more than $114 billion in assets under management as of March 31, 2022. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm's deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired or invested in more than 380 companies representing over $190 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco. For more information, visit www.thomabravo.com.
Cigna Ventures is a venture capital fund that works closely with health care entrepreneurs to accelerate growth and innovation through the strategic use of capital and deep partnerships. Cigna Ventures is a wholly owned indirect subsidiary of Cigna Corporation (NYSE: CI). To learn more about Cigna Ventures visit: www.cignaventures.com.
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