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SPRY Therapeutics, a SaaS platform for physical therapy professionals, raises $15 million in funding

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  • Funding Round: Pune-based SaaS startup Spry Therapeutics has raised $15 million in a funding round led by Flourish Ventures, bringing its total funding to $25 million.

  • Business Overview: Founded in 2021, Spry Therapeutics offers an integrated clinic management platform for healthcare centers, specifically targeting physical therapists and related professionals, enhancing the management of insurance claims, billing, and patient engagement.

  • Expansion Plans: The new capital will be used to expand operations in the US, including the establishment of a sales and service team, as the company has already partnered with over 105 clinics across 30 states.

  • Previous Investments: Prior funding rounds included $7 million in June 2022 and $3 million in seed funding from Together Fund, with Flourish Ventures focusing on early-stage companies in financial and healthcare solutions.

  • Market Focus: Spry Therapeutics aims to address the rising demand for technology solutions that streamline clinical and administrative operations in the growing American healthcare sector.

Pune-based SaaS startup Spry Therapeutics has raised $15 million in a funding round led by Flourish Ventures.

Existing investors, including Together Fund, Fidelity’s Eight Roads Ventures, and F Prime Capital, also participated in the round.

The latest round brings its all-time raise to $25 million.

What does Spry Therapeutics do?

Spry Therapeutics, founded in 2021 by former Ola chief technology officer Brijraj Bhuptani and Riyaz Rehman, provides software solutions for healthcare centres, particularly those in the physical therapy segment.

The startup offers an integrated clinic management platform designed to serve the needs of physical therapists, occupational therapists, and speech-language pathologists.

The software helps clinics manage insurance claims, handle billing and payments, and automate administrative tasks. It also includes features for enhancing patient engagement and streamlining complex billing processes.

Unlike earlier cloud-based solutions, Spry Therapeutics provides a more comprehensive and automated approach, allowing clinics to focus on patient care while addressing financial and administrative challenges.

Utilizing funds for US expansion

With the fresh capital infusion, Spry Therapeutics plans to focus on expanding its operations in the US market.

The startup intends to set up a sales and service team to support its growth in the American healthcare sector, which has already seen significant traction.

In just 18 months, Spry has partnered with over 105 clinics across 30 US states. The company sees this market as a key area for growth, given the increasing demand for technology solutions that streamline clinical and administrative operations.

Previous funding and investors

Prior to this funding round, Spry Therapeutics raised $7 million in June 2022, led by Eight Roads Ventures and F Prime Capital. The startup also secured $3 million in seed funding from Together Fund.

Flourish Ventures, the lead investor in the current round, is known for its investments in early-stage companies, with a focus on financial and healthcare solutions.

The firm’s portfolio includes several startups in India and Southeast Asia, such as Apnaklub, CredFlow, and Qoala, showcasing their interest in the rapidly growing healthcare SaaS segment.


Here’s a summary of the funding details, investors, startup, founders, and fundraising series for Spry Therapeutics based on the provided information:

Startup

  • Name: Spry Therapeutics
  • Location: Pune, India
  • Founded: 2021

Founders

  • Brijraj Bhuptani: Former Chief Technology Officer at Ola
  • Riyaz Rehman

Funding Rounds

  1. Latest Funding Round

    • Amount Raised: $15 million
    • Date: Not specified
    • Lead Investor: Flourish Ventures
    • Existing Investors Participating:
      • Together Fund
      • Eight Roads Ventures
      • F Prime Capital
    • Total Capital Raised to Date: $25 million
  2. Previous Funding Rounds
    • June 2022:
      • Amount Raised: $7 million
      • Lead Investors: Eight Roads Ventures, F Prime Capital
    • Seed Funding:
      • Amount Raised: $3 million
      • Investor: Together Fund

Investors

  • Lead Investor in Latest Round: Flourish Ventures
  • Other Investors:
    • Together Fund
    • Eight Roads Ventures
    • F Prime Capital

Description of the Startup

Spry Therapeutics is a SaaS company that provides an integrated clinic management platform specifically designed for healthcare centres, particularly in the fields of physical therapy, occupational therapy, and speech-language pathology. Their software assists clinics with managing insurance claims, billing and payments, and automating various administrative tasks, aiming to enhance patient engagement and streamline operations.

Use of Funds

Spry Therapeutics plans to utilize the new funds for expanding its operations in the US market, including setting up a sales and service team to support their growth due to significant traction gained in just 18 months with partnerships established with over 105 clinics across 30 US states.

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