Alma raises $130M for mental health practice software and more digital health fundings


Alma, which makes software and support tools for mental health professionals building their practices, raised $130 million in Series D funding. The round comes about a year after the company announced its $50 million Series C

The round was led by Thoma Bravo, with participation from Cigna Ventures, Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners and Sound Ventures. Alma said its total raise is now more than $220 million. 

The startup offers teletherapy software, billing and scheduling tools and a community of other mental healthcare professionals as well as a directory to help patients find in-network providers.

“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. 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,” Alma founder and CEO Dr. Harry Ritter said in a statement.

Fair Square Medicare, a tech-enabled insurance navigator, announced Thursday it had raised $15 million in Series A funding. 

The round was led by Define Ventures, with participation from Slow Ventures, YCombinator and angel investors, and brought the startup’s total raise to $19 million.

With the investment, Fair Square Medicare plans to launch new services, including helping seniors find and schedule appointments with providers, setting up preventative health and dental care, finding lower-cost prescription options and accessing digital chronic care management programs.

“Seniors deserve a trusted healthcare partner that’s always acting in their best interest,” Chirag Shah, partner at Define Ventures, said in a statement. “Fair Square Medicare’s model builds trust with seniors, because it treats them like family. When you prioritize the long-term relationship with the customer over potential short-term financial gains, they’ll trust you with more of their health. That’s the recipe for sustainable growth, which is why we’re investing in Fair Square Medicare’s future.”

Avenda Health, which is developing an AI platform to better visualize prostate cancer, scored $10 million in a Series B funding round led by VCapital.

Other participants in the raise include Plug & Play Ventures and Wealthing VC Club. The startup plans to use the capital to speed the use of iQuest, its investigational software aims to visualize cancer for better treatment planning. 

“Our company’s mission is to provide clinicians and their patients greater access to care while maintaining quality of life that is often missing in prostate cancer treatment. Our technology is solving key issues in men’s health and we look forward to creating real change in prostate cancer care,” Avenda CEO and cofounder Dr. Shyam Natarajan said in a statement. “This funding will play a critical role in expanding the capability and reach of our technology, while adding to our experienced team of urology, medical device and AI leaders.”

Oncology clinical trial startup Trial Library emerged from stealth earlier this week with $5 million in seed funding.

The round was led by Deena Shakir, partner at Lux Capital, with participation from Julian Eison, managing partner at NEXT VENTŪRES, Unseen Capital and other angel investors.

The company offers reimbursement to local providers and oncology practices for pre-screening and referring patients to clinical trials. It also provides navigators for patients looking to enroll, directing them to travel, food and logistics resources.

“The lack of equity in access is a huge barrier that needs to be solved,” CEO and founder Dr. Hala Borno said in a statement. “As a society, we’ve invested so much into exciting new biotech therapies and we’re optimistic that many of these personalized treatments will extend patients’ lives. However, there are still many obstacles that exist, and we aim to combat the barriers experienced by all participants in our research ecosystem – the patients, providers and researchers.”


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