Alma Raises $28 Million For Digital Mental Health Platform

Alma, a membership-based telehealth platform for mental health care providers, raised $28 million in Series B funding.

Insight Partners led the round with participation from Optum Ventures and existing investors Tusk Venture Partners, Primary Venture Partners, Sound Ventures, BoxGroup, and Rainfall Ventures.

As part of the investment, 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 psychotherapist, will also join Alma’s Clinical Advisory Board.

For consumers – Alma is an online platform to find care through its member directory and client matching service. The company also 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.

Due to the COVID-19 pandemic, Alma saw a massive increase in people seeking affordable, remote care through its platform, the company said in a statement. Over the past six months, the number of clients seeking care through Alma has grown 120%, and the number of in-network visits facilitated by the Alma platform has grown 200%, according to data by the company.

“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.”

Alma said the funding would fuel the expansion of its national network and allow the company to expand its growing team, invest in product development and increase in-network care options.

“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.”

According to Mercom funding data, digital mental health startups have raised over $1 billion in 2020. Recently, Lyra Health, a provider of mental health benefits for employers, announced a Series E financing round of $187 million.