Alma Acquisition, Valuation, Funding & Investors
Alma was acquired by Spring Health in January 2026.
Cumulative funding Alma raised
$221M
across 5 funding rounds
Key investors in Alma
BoxGroup
Sound Ventures
Tusk Venture Partners
Insight Partners
Primary Venture Partners
Optum Ventures
Rainfall Ventures
First Round Capital
About Alma
Alma is a New York-based membership network for licensed mental health providers across the United States. Its platform handles insurance credentialing, client matching, scheduling, billing, and teletherapy tools, serving therapists, psychologists, and psychiatrists in all 50 states.
Founded
2018
HQ
New York City, NYWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Valuation
$800M (Aug 2022)
Alma Acquisition
Alma was acquired by Spring Health for an undisclosed price on 29 January 2026.
Before the acquisition Alma had raised $221M across 5 funding rounds.
| Acquirer | Date | Type |
|---|---|---|
| 29 Jan 2026 | Strategic M&A |
Alma Valuation
Alma is currently valued at $800M, based on its Series D in August 2022.
The $130M round was led by Thoma Bravo, with participation from Sound Ventures, Tusk Venture Partners, Cigna Ventures, Primary Venture Partners, Insight Partners and 1 other investor.
Alma's valuation has grown 1.6x from $500M at its Series C in August 2021 to $800M in August 2022, across 2 priced rounds.
Alma valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2022 | Series D | $800M |
| Aug 2021 | Series C | $500M |
Alma Funding History
Alma has raised a total of $221M across 5 funding rounds.
Alma's first fundraising round was a $5M seed round in October 2018. The most recent completed round was a $130M Series D in August 2022.
Alma funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2022 | Series D | Thoma Bravo (lead); Sound Ventures; Tusk Venture Partners; Cigna Ventures; Primary Venture Partners; Insight Partners; Optum Ventures | $130M | $800M | Alma is a New York-based membership network that supports independent mental health providers by helping them accept insurance, build private practices, and access tools like teletherapy software, automated billing, scheduling, and clinician communities for education and training. The company focuses on a provider-first approach to increase patient access, support providers with insurance and billing, and provide networks for payers. Founded in 2018 (or 2017 per some sources), Alma had scaled its network over 3X in the prior year to more than 8,000 providers licensed in all 50 U.S. states, with 40% identifying as Black, LatinX, or Asian, enabling in-network care nationwide. On August 25, 2022, Alma raised $130 million in a Series D funding round led by Thoma Bravo, with participation from Cigna Ventures and existing investors Insight Partners, Optum Ventures, Primary Venture Partners, Sound Ventures, and Tusk Venture Partners. This brought total funding to over $220 million. The round valued Alma at $800 million post-money, as reported in Thoma Bravo's press release and confirmed by sources citing familiarity with the deal. A prior $70 million round (likely Series C) had valued the company at $750 million. Thoma Bravo Partner Ross Devor highlighted Alma's value in delivering high-quality care, easing practice growth, and leveraging the firm's software and healthcare expertise for expansion. CEO Harry Ritter emphasized sustainable business models for therapists to accept insurance and reach more patients. The funding aims to advance in-network care expansion and provider support amid rising mental health demand. Alma has been recognized as one of Fast Company's Most Innovative Companies in Health. |
| Aug 2021 | Series C | Insight Partners (lead); Sound Ventures; Tusk Venture Partners; BoxGroup; Primary Venture Partners; Rainfall Ventures; Optum Ventures | $50M | $500M | Alma is a membership-based network for mental health care providers, helping therapists build and scale their practices by offering tools for insurance acceptance, teletherapy, automated billing, scheduling, and payer partnerships to make care more accessible and affordable. On August 31, 2021, Alma announced a $50 million Series C funding round led by Insight Partners, with participation from Optum Ventures, Tusk Venture Partners, Primary Venture Partners, Sound Ventures, BoxGroup, and Rainfall Ventures, bringing total funding to $90.5 million. The funds were intended to fuel national expansion and support therapists in offering in-network care amid rising demand. Over the prior 18 months, Alma had expanded its insurance program, increasing monthly claims processed 30x and partnering with major payers, while enhancing its provider platform to automate administrative tasks. The company had demonstrated impressive growth, growing its employee base 3x in the past year and adding key hires like COO Laura Scott from Wayfair and VP of Payer Strategy Kate Mellor from the insurance industry, along with advisors including former Blue Cross Blue Shield Association CEO Scott Serota. Alma was recognized as one of Fast Company's Most Innovative Companies in Health. Investors expressed confidence in Alma's provider-first model, which supports high-quality patient care, practice growth, and value for payers, employers, and insurers. Subsequent rounds included a $130 million Series D in August 2022 led by Thoma Bravo with participation from Cigna Ventures and existing investors, at a higher valuation, and total funding reaching over $220 million by then, with provider network expanding to over 8,000 across 50 states. |
| Feb 2021 | Series B | Insight Partners (lead); Primary Ventures; Sound Ventures; Tusk Venture Partners; BoxGroup; Rainfall Ventures; Optum Ventures | $28M | - | Alma is a membership-based network of mental health care providers that simplifies access to high-quality, affordable mental health care by offering therapists tools and services to manage and grow their practices. Founded in 2018 by Dr. Harry Ritter, formerly of Oscar Health, the company focuses on supporting clinicians with technology and business services, enabling seamless transitions to teletherapy and in-network insurance options. On February 2, 2021, Alma raised $28 million in a Series B funding round led by Insight Partners, with participation from Optum Ventures and existing investors including Tusk Venture Partners, Primary Venture Partners, Sound Ventures, BoxGroup, and Rainfall Ventures. The funds were earmarked for national expansion of its provider network, team growth, product development, and increasing in-network care options. Ross Devor from Insight Partners and Martha Temple, former CEO of Optum Behavioral Health, joined the board, while psychotherapist Esther Perel joined the Clinical Advisory Board. Ahead of the Series B announcement, Alma demonstrated strong traction amid the COVID-19 pandemic, with clients seeking care through the platform growing 120% over the past six months and in-network visits facilitated by Alma surging 200%. In 2020, in-network sessions grew 17x as the company pivoted to virtual care after physical spaces closed. This momentum underscored Alma's role in addressing rising demand for affordable remote mental health services. Alma continued scaling, culminating in a Series D at an estimated $670-800M valuation in August 2022 and eventual acquisition in January 2026. |
| Jun 2019 | Series A | Tusk Venture Partners (lead); Primary Ventures; Sound Ventures; First Round Capital; BoxGroup; Able Partners | $8M | - | Alma raised an $8 million Series A funding round on approximately June 21, 2019. Tusk Venture Partners led the round, with participation from Sound Ventures, First Round Capital, Primary Ventures, BoxGroup, and Able Partners. |
| Oct 2018 | Seed | First Round Capital (lead); BoxGroup; Primary Venture Partners; Rainfall Ventures; Scott Belsky; Able Partners | $5M | - | - |
Who has invested in Alma?
13 investors have backed Alma across its funding rounds, including BoxGroup, Sound Ventures, Tusk Venture Partners, Insight Partners, Primary Venture Partners and Optum Ventures.
Lead investors include Thoma Bravo, Insight Partners, Tusk Venture Partners and First Round Capital.
Alma Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Los Angeles, CA | 4 | Participant | Jun 2019 | |
| New York City, NY | 4 | Lead | Jun 2019 | |
| New York City, NY | 4 | Participant | Oct 2018 | |
| New York City, NY | 3 | Participant | Oct 2018 | |
| New York City, NY | 3 | Lead | Feb 2021 | |
| Los Angeles, CA | 3 | Participant | Oct 2018 | |
| Boston, MA | 3 | Participant | Feb 2021 | |
 Buenos Aires | 2 | Participant | Jun 2019 | |
| Philadelphia, PA | 2 | Lead | Oct 2018 | |
| New York City, NY | 2 | Participant | Oct 2018 | |
| Chicago, IL | 1 | Lead | Aug 2022 | |
This data is available for Pro users. Sign up to see all 13 Alma investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAlma Competitors
Alma competitors include listed companies like B-Soft Co. and Phreesia, and private ones like DocPlanner, NexHealth, Jane Software and Elemy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $157M | ($37M) | $769M | 4.8x | |
 Warsaw | Private | - | - | $1B | - | |
| San Francisco, CA | Private | - | - | $1B | - | |
| United States | Publicly listed | $481M | $27M | $638M | 1.3x | |
 Vancouver | Private | $100M | - | $600M | 6.0x | |
| San Francisco, CA | Private | - | - | $1.1B | - |
Alma Public Comps
Alma is no longer listed, but its public comps include Sphere, B-Soft Co., Hangzhou Pinming Software, Talkspace, MedicalSystem Technology, HealthStream, Phreesia, Craneware, Weave Communications and iFLYHealth.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $70M | $6M | 14.3x | 6.9x | 156.3x | 103.0x | |||
| $157M | ($37M) | 4.7x | 4.8x | (20.0x) | (20.0x) | |||
| $65M | $8M | 12.5x | 11.9x | 100.2x | - | |||
| $229M | $6M | 3.4x | 3.4x | 129.3x | 49.4x | |||
| $45M | $12M | 18.9x | 15.6x | 70.7x | 62.9x | |||
| $304M | $63M | 2.8x | 2.6x | 13.2x | 11.2x | |||
| $481M | $27M | 1.3x | 1.3x | 23.2x | 5.3x | |||
| $206M | $59M | 2.8x | 2.7x | 9.7x | 8.7x | |||
This data is available for Pro users. Sign up to see all Alma competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Alma
| When was Alma founded? | Alma was founded in 2018. |
| Where is Alma headquartered? | Alma is headquartered in New York City, NY, United States. |
| Is Alma publicly listed? | No, Alma was acquired by Spring Health in January 2026. |
| Who acquired Alma? | Alma was acquired by Spring Health in January 2026. |
| What is Alma's valuation? | Alma was last valued at $800M in its Series D in August 2022. |
| How much funding has Alma raised? | Alma has raised $221M across 5 funding rounds. |
| What was Alma's last funding round? | Alma's last funding round was a $130M Series D in August 2022, led by Thoma Bravo. |
| Who are Alma's investors? | Alma's investors include Sound Ventures, Tusk Venture Partners, BoxGroup, Primary Venture Partners, Insight Partners, Rainfall Ventures, Optum Ventures, Primary Ventures, First Round Capital, Able Partners and 3 others. |
| Which companies are comparable to Alma? | Companies comparable to Alma include B-Soft Co., DocPlanner, NexHealth, Phreesia, Jane Software and Elemy. |
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