Alma, a fast-growing digital behavioral health platform for providers focused on supporting small mental health practices, recently announced a $130 million Series D funding round. This sizable investment comes just months after Alma closed a $90 million round, reflecting strong momentum and investor confidence in the company’s vision and business model. Since its founding in 2017, the New York-based startup has raised over $220 million in venture capital, positioning itself as a leading digital behavioral health platform for providers dedicated to helping mental health clinicians streamline their operations, contract with insurers, and deliver high-quality care to more patients.
Addressing the Needs of Small Mental Health Practices
Mental health care providers, especially smaller practices, face numerous challenges navigating a complex healthcare ecosystem dominated by insurance requirements, administrative burdens, and technology hurdles. Alma addresses these pain points head-on by building infrastructure and offering technology that enables small practices to operate more efficiently and expand their reach.
At its core, Alma’s platform includes teletherapy software, automated billing and scheduling tools, and a suite of provider education and training resources. This integrated approach helps clinicians reduce the time spent on paperwork and billing, freeing them to focus on delivering personalized care to patients. Crucially, Alma also simplifies the process of contracting with insurance plans, a key barrier for many smaller providers who struggle to gain access to insurance networks and reimbursement streams.
By enabling providers to accept and contract with insurance, Alma empowers them to tap into a wider pool of patients who rely on their insurance coverage for mental health services. This capability not only supports the financial health of practices but also promotes increased access to mental health care, a critical need as demand continues to rise. Alma’s commitment as a digital behavioral health platform for providers is to reduce these traditional barriers and help clinicians thrive.
A Patient-Centered Digital Behavioral Health Platform for Providers
Alma’s platform is designed to benefit patients as well. Patients can use the system to search for mental health providers within their insurance networks, making it easier to find the right care. This search capability addresses a common frustration among individuals seeking therapy: difficulty locating in-network providers who meet their specific needs.
By bridging the gap between patients and providers through an easy-to-use platform, Alma facilitates timely access to care, which is essential for improving outcomes in behavioral health. This patient-focused functionality is a key aspect of Alma’s value as a digital behavioral health platform for providers and patients alike.
Membership-Based Model with Provider Revenue Focus
Alma operates on a membership-based business model designed to align with the interests of mental health providers. Providers pay a monthly membership fee of $125, which grants access to the full suite of tools and services offered by Alma. Importantly, providers keep 100% of the fees generated from patient visits, maximizing their revenue potential and incentivizing growth.
The company charges a separate fee only for processing reimbursement claims, ensuring pricing transparency and minimizing surprises. This model contrasts with some traditional practice management companies that charge per-visit fees or take significant percentages of revenue, making Alma a provider-first partner.
Harry Ritter, Alma’s founder and CEO, has emphasized this philosophy, noting that the company’s approach removes barriers and helps providers grow sustainably without sacrificing revenue. This strong provider-centric focus defines Alma as a digital behavioral health platform for providers that truly prioritizes clinician success.
Investor Support and Strategic Backing
The Series D round was led by Thoma Bravo, a private equity firm known for its expertise in software and healthcare investments. Other investors participating in the round include Cigna Ventures, Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners, and Sound Ventures. Ross Devor, a Partner at Thoma Bravo, highlighted Alma’s value proposition:
“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.”
Thoma Bravo’s backing not only provides capital but also brings deep operational expertise that Alma can leverage to scale its platform and accelerate innovation. This strong financial and strategic support reinforces Alma’s position as a leading digital behavioral health platform for providers.
Rapid Growth and Commitment to Diversity
Alma has grown quickly since its launch. The platform now supports over 8,000 licensed health providers across all 50 states, reflecting broad adoption and geographic reach. Alma also prioritizes diversity and inclusion within its network; 40% of providers identify as Black, LatinX, or Asian. This commitment to building a culturally diverse provider network addresses important equity considerations in behavioral health access and quality.
By fostering a diverse clinician pool, Alma helps ensure patients can find providers who understand their cultural backgrounds and experiences—an essential factor in effective mental health treatment. This diversity is a notable strength for Alma as a digital behavioral health platform for providers committed to inclusive care.
Strengthening Leadership for Future Expansion
To support its ambitious growth trajectory, Alma recently made several key executive hires. These include:
- Dr. Elisabeth Morray, a veteran leader from LifeStance Health, appointed as Vice President of Clinical Operations. Dr. Morray brings clinical expertise and operational experience to help scale Alma’s care delivery capabilities.
- Erik Lumer, formerly Chief Product Officer at Maven Clinic, now serving as Alma’s Chief Product Officer. Lumer’s product leadership is expected to drive continued innovation in Alma’s technology platform.
- Chiddy Onyia, ex-Chief Compliance Officer at Quartet Health, named as Alma’s General Counsel. Onyia’s background in behavioral health compliance will help Alma navigate regulatory complexities as it expands.
These hires reflect Alma’s maturation as a company and its readiness to deepen its impact in the behavioral health space. They also demonstrate Alma’s commitment to evolving as a robust digital behavioral health platform for providers with strong leadership.
The Digital Behavioral Health Funding Landscape
Alma’s $130 million raise comes during a period of cooling investment in digital mental health companies. According to Rock Health, virtual behavioral health companies raised $1.3 billion in the first half of 2022—a decline from $1.5 billion in the same period of 2021. Notably, most funding activity in 2022 was concentrated in Q1, with deals slowing afterward.
Despite this trend, Alma stands out by securing large funding rounds and demonstrating a clear path to supporting providers and patients effectively. Its focus on the provider side of the market—rather than solely consumer-facing solutions—may give it an advantage as behavioral health companies pivot towards sustainable business models. Alma’s ability to attract significant capital further cements its reputation as a trusted digital behavioral health platform for providers.
Alma in Context: Competitors and Collaborators
Alma is part of a growing ecosystem of digital health companies aiming to improve connections between patients, providers, and payers in mental health care. Other notable players include:
- Quartet Health, which raised $60 million in December 2021. Quartet uses technology to help patients and primary care providers get connected to behavioral health services within insurance networks.
- Headway, a New York-based platform designed to connect patients with mental health providers covered by their insurance plans. Headway has raised more than $100 million to date and similarly focuses on improving access and reducing administrative barriers.
These companies, alongside Alma, are helping transform a historically fragmented behavioral health system into one that is more accessible, efficient, and patient-centered. Alma’s distinct position as a digital behavioral health platform for providers gives it a unique edge in supporting clinicians directly.
Looking Ahead: Alma’s Role in the Future of Mental Health Care
Alma’s recent funding and strategic hires position the company to accelerate its mission of empowering small mental health providers and expanding access to care. By providing an end-to-end platform that supports teletherapy, billing, scheduling, insurance contracting, and provider training, Alma helps providers focus on what matters most—delivering quality patient care.
At a time when mental health demand continues to rise and behavioral health workforce challenges persist, Alma’s technology-driven, provider-first approach offers a promising path to sustainable growth and improved outcomes. As Alma continues to scale its network of diverse providers and leverage investor expertise, it is poised to become a key player in reshaping the future of mental health delivery across the United States as the premier digital behavioral health platform for providers.
