Alma’s $28 million Series B — building a national mental health network
America is in a mental health crisis. 40 million Americans struggle with anxiety and depression and countless more have lower acuity mental health problems. But 60% of Americans with a mental health condition don’t receive the care they need. Help is hard to find and even harder to pay for.
To make matters worse, therapists and mental health providers are burdened with administrative headaches they can only spend half of their time seeing patients. And that’s before the pandemic brought on an unprecedented wave of isolation, anxiety, and uncertainty and forced therapists to scramble to adjust.
Founder and CEO Dr. Harry Ritter focuses on serving providers first: take care of the providers to take care of everyone else. That’s why Alma set out to empower mental health providers with tools, technology, and support to run their practices. Alma handles insurance contracting and claims to let independent providers go in-network, giving them back their time to spend with clients and making care affordable.
With the pandemic raging, Alma has helped its entire network shift to telemedicine so care can continue uninterrupted when people need it most. 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.
Today, Alma announces a $28 million Series B led by Insight Venture Partners with participation from Optum Ventures and existing investors. We’ve backed Alma since leading the Series A two years ago. We’ve seen Harry and the Alma team work tirelessly in pursuit of a single mission: to simplify access to high quality, affordable mental health care by supporting mental health care providers in building thriving private practices.
This new capital will let Alma do just that: grow its provider network nationwide, bring new insurers into the network, and make mental healthcare accessible and affordable for millions of people.
We’re so proud of Alma’s work and are thrilled to see the company continue on this path towards creating a better mental health reality for America.
You can read more about Alma in Crunchbase News and from Alma’s Medium post. If you’re interested in joining the team, check out these open roles. To find a therapist, you can browse the directory and speak to a client matching therapist.
