Foley Advises Alma on Regulatory Landscape in $130M Series D Funding Round

02 September 2022 Media Contact: Jen Dilworth News

Foley & Lardner LLP serves as legal advisor to Alma, a membership-based network that helps independent mental health care providers accept insurance and build thriving private practices, and assisted Alma in its $130 million Series D funding round, bringing the company's total funding to over $220 million.

Alma helps providers meet the rising demand for mental health care by giving them the support and infrastructure they need to accept insurance and run their small businesses. When providers join Alma, they gain access to insurance support, teletherapy software, automated billing and scheduling tools, and a vibrant community of clinicians that come together for education, training, and events. Over the past 12 months, Alma scaled its network over 3X to 8,000 mental health providers licensed to practice in all 50 states.

This financing follows on Alma’s expansion and will be used to further advance Alma’s mission to simplify access to high-quality, affordable mental health care.

"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," said Alma founder and CEO Dr. Harry Ritter.

Chiddy Onyia, General Counsel of Alma, said, “Having Foley on our team, as regulatory legal advisors, has strengthened Alma’s advocacy and support to its providers, particularly in the highly complex and changing regulatory landscape of telehealth.”

“Working closely with the Alma team to assist in their mission to improve access to telemental health therapy services has been a privilege,” stated Aaron Maguregui, Senior Counsel at Foley. “Alma’s steadfast focus on the patient-provider relationship, coupled with their ability to assist clinicians in building a practice from the ground up, is a tremendous value.”

“This investment will help further Alma’s mission,” said Nathaniel Lacktman, Chair of Foley’s Telemedicine & Digital Health Industry Team, “and we are grateful for the opportunity to work with such a talented group of entrepreneurs.” 

Foley’s Telemedicine and Digital Health Industry Team helps high-growth and venture-backed companies embrace emerging issues in virtual care, enabling them to provide innovative care for patients in new markets around the block and around the world. Foley is committed to helping entrepreneurs fulfill their goals of harnessing new technology to reach patients anywhere, delivering care without borders or geographic limitations. The firm helps create fully-fledged telemedicine offerings, providing end-to-end legal services by coupling precise strategic guidance with rapid turnarounds to maintain that sense of urgency necessary to launch new initiatives and remain competitive in the marketplace.

About Foley & Lardner LLP

Foley & Lardner LLP is a preeminent law firm that stands at the nexus of the energy, health care and life sciences, innovative technology, and manufacturing sectors. We look beyond the law to focus on the constantly evolving demands facing our clients and act as trusted business advisors to deliver creative, practical, and effective solutions. Our 1,100 lawyers across 25 offices worldwide partner on the full range of engagements from corporate counsel to IP work and litigation support, providing our clients with a one-team solution to all their needs. For nearly two centuries, Foley has maintained its commitment to the highest level of innovative legal services and to the stewardship of our people, firm, clients, and the communities we serve.

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