Alma, a membership-based telehealth platform for mental health care providers, has announced $50 million in Series C funding.
The round was led by private equity and venture capital firm Insight Partners, with Optum Ventures, Tusk Venture Partners, Primary Venture Partners, Sound Ventures, BoxGroup, and Rainfall Ventures.
According to the company, the latest investment round brings its total funding to $90.5 million to date. The company said the new financing would fuel its national expansion and support therapists across the country to offer affordable, in-network care.
Alma solutions help therapists scale their practices to meet rising patient demand by offering insurance support, teletherapy software, automated billing, and scheduling tools to let therapists focus on providing care.
For users, Alma solutions help find a therapist they can afford, fits their needs, budget, and schedule, and have access to Alma’s online directory of clinicians.
With new funds, the company also plans to build out the tools in its provider platform to automate administrative tasks and improve the billing experience, making it easier for providers to accept insurance and seamlessly transition their practices to mental health teletherapy.
Over the past 12 months, Alma scaled its network of mental health providers to over 2,000 members and grew its membership by 30-40% each quarter, according to the company. Alma is available in New York, New Jersey, Connecticut, Massachusetts, Florida, Arizona, Nevada, and Texas, and plans to expand across the US.
“At Alma, we’re building a new model for mental health care that puts therapists at the forefront of everything we do,” said Alma founder and CEO Dr. Harry Ritter.
Harry Ritter added: “We can’t talk about the $221 billion yearly mental health crisis without acknowledging the providers at the frontlines of this crisis. This past year we doubled down on tools and services to support our providers and scaled our insurance offering to make it easy and financially rewarding for providers to accept insurance. I’m proud to share that today 95 percent of our providers accept insurance, making the average in-network session incredibly affordable.”
Telehealth companies raised a record $5 billion in 1H 2021, a 150% increase year-over-year compared to $2 billion raised in 1H 2020. This was the highest amount received by any digital health category since 2010, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report.