Alma Announces $28 Million Series B to Bring its Mental Health Network Nationwide
Led by Insight Partners, new funding will fuel Alma's national expansion and increase access to high quality, in-network mental health care
Esther Perel joins Clinical Advisory Board to bring training & education opportunities to Alma members
NEW YORK, Feb. 2, 2021 /PRNewswire/ -- Alma, a membership-based network for mental health care providers, has announced $28 million in Series B funding. The round was led by Insight Partners with participation from Optum Ventures and existing investors Tusk Venture Partners, Primary Venture Partners, Sound Ventures, BoxGroup and Rainfall Ventures.
The new funding will fuel the expansion of Alma's national network and allow the company to expand its growing team, invest in product development and increase in-network care options. Ross Devor, Managing Director at Insight Partners and Martha Temple, former CEO of Optum Behavioral Health, will be joining Alma's Board. Esther Perel, a renowned psychotherapist and New York Times bestselling author, will join Alma's Clinical Advisory Board.
Founded in 2018 by Oscar Health veteran Dr. Harry Ritter, Alma is on a mission to simplify and improve access to high quality, affordable mental health care. Over the past six months, the number of clients seeking care through Alma has grown 120 percent, and the number of in-network visits facilitated by the Alma platform has grown 200 percent. Unlike other companies in the space who focus primarily on the patient experience, Alma partners with independent mental health providers to offer a "practice-in-a-box" solution, including practice management tools, insurance contracting and revenue cycle management for members' practices. For consumers, Alma is a trusted destination to find care through Alma's member directory and Client Matching service.
"We believe that when mental health providers have the support they need, mental healthcare gets better for everyone," said Dr. Ritter, Alma Founder & CEO. "By providing great clinicians with our technology platform and business support services, we've helped our members seamlessly transition their practices to teletherapy while offering more affordable care by taking insurance."
As part of its expansion plans, Alma will be doubling down on its commitment to improving the quality of care provided by its members with digital tools to support outcomes-based care. Alma also welcomed Esther Perel to its Clinical Advisory Board who will support the team in developing unique training and education opportunities for Alma members.
"I believe in Alma's provider-first approach to addressing the quality and affordability of mental health care at scale," said Esther Perel. "The team is thinking deeply about supporting and training the next generation of mental health care providers, too — an approach that is as good for service providers as it is for patients."
As the COVID-19 pandemic unfolded and closed Alma's physical spaces, Alma saw a dramatic increase in people seeking affordable, remote care. In-network sessions facilitated by the Alma platform grew 17x in 2020 as the company quickly shifted investment and focus into scaling the same high quality experience for affordable virtual care.
"We are thrilled to welcome Harry and the entire Alma team to the Insight portfolio," said Ross Devor, Managing Director at Insight Partners. "Alma is empowering mental health providers, while making it easy for patients to find affordable, high-quality care. Amidst everything going on, their mission is more important than ever. We're truly excited to support them on their journey ahead."
"Alma's emphasis on improving quality and affordability by partnering with providers on its platform is truly unique" said Laura Veroneau, partner at Optum Ventures. "We believe their approach can have a transformative impact on improving access to mental health services."
To learn more about Alma, visit: www.helloalma.com.
Launched in 2018, Alma is on a mission to simplify access to high quality, affordable mental health care by supporting mental health care providers in building thriving private practices. With Alma's membership-based network, providers gain access to a suite of practice management tools, insurance contracting support, and programming for continued education, all in the service of helping to provide the highest quality care to a diverse clientele. Alma's investors include 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.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.