Tusk Venture Partners joined a $130 million Series D round for New York-based Alma, a mental-health startup providing billing and insurance support, and software tools to independent therapists. The round was led by private equity firm Thoma Bravo, with participation from Cigna Ventures, Insight Partners, Optum Ventures, Primary Venture Partners and Sound Ventures. So far, Alma has raised $220.5 million in venture funding. Citing unidentified sources, Bloomberg said the startup is valued at $800 million.
“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,” said Alma founder and CEO, Dr. Harry Ritter.
Over the past year, Alma has more than tripled its network to over 8,000 mental health professionals in all 50 U.S. states.
Tusk Rides on Smarts
Tusk Venture Partners was cofounded by Bradley Tusk, 47, a high-profile strategist who has advised billionaires Elon Musk and Michael Bloomberg (on his mayoral campaign in New York City), and startups such as Uber and Tesla that have turned into hugely successful companies.
The venture firm has raised three funds worth a combined $246 million. In 2017, it opened with a $36 million fund, and followed up with $70 million in 2019, before raising $140 million this year. Tusk Venture Partners makes bets of up to $5 million on portfolio companies that often create “new markets altogether, where no regulatory framework likely exists (yet).” Its recent investments include Boulder Care, Indigov, Allocate, Radish Health, Capchase, Getlabs and Wheel.
Early in his career, Tusk ran a consulting business that accepted equity in exchange for fees. In later years, he has run a political foundation and a trust for philanthropies. Tusk received his J.D. from the University of Chicago Law School and his B.A. from the University of Pennsylvania.
Former Blackstone and Alliance Bernstein executive Jordan Nof joined hands with Tusk in forming Tusk Venture Partners. Nof and Tusk serve as managing partners of the firm. A member of the firm’s investment committee, Nof has led its portfolio investments in Lemonade, Bird, Coinbase, Alma, Sunday and Wheel. Jordan received an M.B.A. from Rollins Graduate School of Business and is a graduate of Florida State University where he received a B.S. in finance.
Alma/Dr. Harry Ritter
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Alma was founded in 2018 by Henry Ritter, a whizkid with degrees in medicine (University of Miami) and law (New York University). He also studied political science and government at Harvard as an undergraduate. Ritter has donned various hats in professional career, too. He has had stints as a resident physician at Massachusetts General Hospital, as a management consultant at McKinsey, and as an executive at health insurer Oscar.
Ritter is addressing a gap in the mental-health market, helping independent therapists build robust practices. Typically, independent therapists have to juggle with varied challenges, among them billing and insurance, and software that, say, enable videoconferences.
The mental-health startup raised a $4.5 million seed round in 2018, and followed up with a Series A worth $8 million in 2019. In 2021, it raised $28 million via a Series B round.
