InsurTech Alma pulls in $130m from Thoma Bravo-led Series D

Alma

Alma, a membership-based networks that helps mental health care providers accept insurance and build private practices, has scored $130m in a Series D.

The round was headed by Thoma Bravo and saw participation from Cigna Ventures, Insight Partners, Optum Ventures, Primary Venture Partners, Sound Ventures and Tusk Venture Partners.

Following this recent raise, Alma has raised a total of $220m since it was founded back in 2018.

Alma claims it 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 businesses.

When providers join Alma, they secure access to insurance support, telepathy software, automated billing and scheduling tools and a community of clinicians that come together for education, training and events.

Over the last year, the firm has scaled its network over 3X to 8,000 mental health providers that are licensed in all 50 US states.

Alma founder and CEO Harry Ritter said, “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.”

Thoma Bravo partner Ross Devor added, “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. 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.”

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