SPRY Therapeutics, a SaaS platform designed for physical therapy professionals, has secured $15 million in a Series B funding round led by Flourish Ventures, along with participation from Together Fund, Fidelity’s Eight Roads, and F-Prime Capital. This latest investment brings the company’s total funding to $25 million since its inception in 2021.
The new funding will be used to fuel SPRY’s expansion into the US market, where it has already gained traction among physical therapy clinics. Co-founded by Brijraj Bhuptani, former CTO of Ola, and Riyaz Rehman, SPRY provides an all-in-one clinic management solution aimed at simplifying complex billing processes while improving patient engagement.
Unlike traditional software in the sector, which primarily focuses on clinical needs or basic machine learning-enabled billing, SPRY takes a more comprehensive approach. It automates complex billing tasks, streamlines data entry, and generates reports, helping physical therapists—from solo practitioners to large clinics—tackle challenges such as insurance reimbursements and cash flow management.
Since its launch, SPRY has experienced rapid growth, partnering with over 105 clinics across 30 states in the US. It has been recognized as the top physical therapy software solution by G2 in both its Summer and Fall 2023 reports.
The platform faces competition from other established players in the industry, including WebPT, PromptEMR, Raintree, and Strata. However, its focus on improving financial workflows and patient interactions has helped it carve out a niche in the market.
Flourish Ventures, the lead investor in this round, manages $850 million in patient capital and has a global portfolio of over 20 companies, including Apnaklub, CredFlow, Indifi, and Scripbox. This latest funding round is expected to help SPRY solidify its position in the physical therapy market and accelerate its growth in the US.
