Thoma Bravo leads $130m Series D round for mental health provider network Alma

Aug 29, 2022 | News

Mental health care provider membership network Alma has picked up a $130m Series D investment round led by private equity major Thoma Bravo.

Cigna Ventures and existing backers Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners and Sound Ventures also took part in the round, which more than double’s Alma’s total funding to over $220m.

Alma members gain access to insurance support, teletherapy software, automated billing and scheduling tools, and a community of clinicians that come together for education, training, and events, the company says.

The business has scaled its network by more than 3x over the last 12 months, and now helps 8,000 mental health providers.

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Thoma Bravo partner Ross Devor said, “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.

“We look forward to leveraging our significant software and healthcare sector expertise to support the company’s continued growth.”

Thoma Bravo revealed last week that it had poached back Insight Partners managing director Ross Devor to become its latest partner, almost a decade after he left the firm as a senior associate.

Devor is co-leading Thoma Bravo’s growth equity strategy, which focuses on minority investments in software and technology companies.

The firm is currently in the market raising its fifteenth flagship fund, and has collected a $100m commitment from PennSERS and up to $150m from the Texas County & District Retirement System. The firm closed its $17.8bn-Fund XIV vehicle in 2020.

Source: Alt Assets

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