Thoma Bravo leads a $130 million Series D funding round for mental health provider network Alma

Mental health care provider membership network Alma has won a $130 million Series D investment round led by private equity great Thoma Bravo.

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

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

The company has more than tripled its network in the past 12 months and now helps 8,000 mental health providers.

Ross Devor, Partner at Thoma Bravo, said, “Alma’s unique approach to provider-first mental health care enables providers to deliver high-quality care to patients while facilitating the start and development of their practices as much as possible.

“Alma delivers tremendous value to key ecosystem participants: increased access for patients, insurance and billing support for providers, and valuable and diverse networks for payers.

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

Thoma Bravo revealed last week that he had poached Insight Partners managing director Ross Devor to become his final partner, nearly a decade after leaving the firm as a senior partner.

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

The company is currently in the market to raise its fifteenth flagship fund and has secured a commitment of $100 million from PennSERS and up to $150 million from the Texas County & District Retirement System. The company closed its $17.8 billion Fund XIV vehicle in 2020.

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