Alma Rakes in $130M to Expand Mental Health Insurance Coverage

This round brings the company’s total funding raised to date to over $220 million.

Written by Miranda Perez
Published on Aug. 25, 2022
Alma Rakes in $130M to Expand Mental Health Insurance Coverage
Person on Telehealth visit
Photo: Shutterstock

The need for mental health services is on the rise. A 2021 survey of psychologists by the American Psychological Association revealed that since the Covid-19 pandemic hit, phycologists have seen an 84 percent increase in demand for anxiety treatments and 72 percent increase for depression treatments. While demand for services is high, accessibility is low.

Low accessibility coupled with high costs related to mental health services often leaves those in need helpless. New York City-based Alma is hoping to change that with its mental health membership platform that helps providers accept insurance from interested patients. 

On Thursday, Alma raked in $130 million in its Series D funding round. This round brings Alma’s total funding raised to date to over $220 million, according to a company statement. With its fresh funds, Alma plans to help therapists offer in-network services nationwide.

Through Alma, patients can receive teletherapy services and providers get access to automated billing and scheduling tools that help streamline the appointment process.  

Built In last caught up with Alma last August when it raised $50 million in a Series C round led by Insight Partners. At that point, the company had roughly over 2,000 providers registered on its platform.

Since then, Alma’s network of mental health providers has grown 3x, and the startup now has more than 8,000 mental health providers licensed to practice across the country, according to a company statement. Alma boasts its commitment to aiding diverse communities as 40 percent of its providers identify as people of color.

“By centering therapists at the forefront, Alma is creating a sustainable business model that helps providers accept insurance, grow their private practice and reach more people seeking care,” Dr. Harry Ritter, Alma founder and CEO, said in a statement. “Over the past year, we scaled our services to offer in-network mental health care in all 50 U.S. states, helping people find much-needed care during their greatest moments of need.”

Outside of its recent raise, Alma is actively hiring for more than 15 open roles.

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