SPRY Therapeutics, a SaaS platform designed to streamline operations for physical therapy professionals, has raised $15 million in its latest funding round. The round was spearheaded by Flourish Ventures, Together Fund, and Fidelity’s Eight Roads and F-prime Capital. This brings SPRY’s total funding to $25 million since its inception in 2021.
Earlier, in June 2022, SPRY raised $7 million led by Eight Roads Ventures, with participation from F-Prime Capital and other investors. The new capital will be used to expand SPRY’s presence in the US.
SPRY Therapeutics was co-founded by Brijraj Bhuptani, the former CTO of Ola, and Riyaz Rehman. SPRY offers an all-in-one clinic management solution that automates complex billing processes and enhances patient engagement. Unlike other cloud solutions or basic ML-enabled billing systems, SPRY provides robust features for automating intricate billing, improving data entry, and streamlining report generation.
The platform is designed to benefit physical therapists, ranging from solo practitioners to larger clinics, tackling challenges like insurance reimbursements and cash flow management. SPRY has seen rapid growth, partnering with over 105 clinics across 30 states in just 18 months and being named the top physical therapy software solution by G2 in both their Summer and Fall editions.
SPRY competes with industry players like WebPT, PromptEMR, Raintree, and Strata.
Flourish Ventures, an early-stage venture capital firm with $850 million under management, has a diverse portfolio across five continents, including investments in Apnaklub, Aquaconnect, CredFlow, Indifi, and Scripbox.