Centering Providers in the Future of Mental Health Care: Announcing Alma’s Series D
Since we launched Alma less than four years ago, the mental health landscape has transformed in ways we could never have imagined. While the mental health crisis predated COVID-19, the pandemic accelerated the conversation, catalyzing advocacy, investment, and entrepreneurship. Today, mental health care is taking its rightful place in the US healthcare system — essential to future models of care and core to how we solve not only some of the most deeply rooted challenges in US healthcare, but also in our society.
We are humbled by the opportunity we’ve had to participate in this transformation. Alma started as a small community of providers in New York City, and we have grown to over 8,000 providers offering care in all 50 states. We have dramatically improved affordability of care by making it easy for providers to accept insurance plans that cover close to 100 million Americans. And we have made huge strides to improve access to a diverse network of providers, which is crucial to remain at the forefront of high quality, culturally competent care — over 90 percent of clients can access a provider with Alma in less than one week, and almost 40 percent of providers in Alma’s network self-identify as Black, Hispanic/LatinX, or Asian. Almost 13 percent self-identify as LGBTQIA+, compared to 7.1 percent of the general population.
Today, we are thrilled to announce that Alma has raised $130 million in a new round of Series D funding. Thoma Bravo led the round with participation from Cigna Ventures and existing investors Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners, and Sound Ventures. With this new funding, we will continue to expand our network and invest in new and innovative ways to help providers deliver high quality, affordable care, so that they focus on what matters most — the clients they serve.
A Provider-First Platform.
From the beginning, we have grounded ourselves and our business in a central belief — that when providers have the support they need, the system improves for everyone. Mental health care providers are some of the most compassionate, skilled, and mission-driven people on the planet. Our view has always been that if we can help them succeed, the opportunities are limitless.
Since our Series C, we have continued to invest in our product and services, building new tools to make providers’ lives easier. Our platform now makes it simple for providers to manage clinical notes, conduct digital assessments, and offer direct scheduling for clients, all in one place. And we’ve invested in our community, developing new content and educational opportunities and creating new experiences for providers to connect with one another.
One of the most transformational things we’ve accomplished as a company has been making it easy and financially rewarding for providers to participate in insurance. Historically, access to mental health services through insurance has been abysmal. Today, over 95 percent of Alma members accept insurance, and in the last few years, hundreds of thousands of people have found care with Alma they otherwise might have struggled to afford. To make this possible, we’ve developed strong partnerships with payers, working closely together to address their pain points in ways that create value for providers and their clients. We’ve invested in access programs with payers as well as partnerships with healthcare providers that address some of the biggest challenges to improve access and outcomes for those most in need. And we’re adding new insurance companies (recent announcements here and here) to our network. We look forward to continuing this work to ensure our members are set up for success as an integral part of the healthcare system, from participating in innovative care models to benefitting from new reimbursement arrangements.
As we look to the future, we remain committed to our mission of simplifying access to high quality, affordable mental health care for everyone. We look forward to finding new and better ways to support and champion our provider community in our continued effort to build a brighter future for mental health care.
If you’re a provider looking for support in your private practice, we’d love to hear from you.
If you’re looking for a therapist or thinking about looking for a therapist, learn more about our amazing community and schedule your first visit.
And if you’re passionate about the future of high quality, affordable mental health care, we’re hiring! Visit our Careers page to see all of our open roles.
To learn more about Alma, visit us at helloalma.com. To stay in the loop on the latest in mental health news, research, and education, subscribe to our bi-weekly newsletter, The Digest, or follow along on Instagram at @withalma.
