SPRY Therapeutics secures $15 Mn from Flourish Ventures, others

SPRY Therapeutics, a SaaS platform for physical therapy professionals, has secured $15 million in funding 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 launch in 2021. In June 2022, it raised $7 million in a round led by Eight Roads Ventures, with participation from F-Prime Capital and other existing investors.

The fresh proceeds will be utilised for expansion in the US market.

Founded by Brijraj Bhuptani, former CTO of Ola, and Riyaz Rehman, SPRY provides an all-in-one clinic management solution that automates complex billing processes and enhances patient engagement. Unlike earlier cloud solutions designed primarily for clinical needs or basic ML-enabled billing systems, SPRY automates intricate billing while improving patient engagement, data entry, and report generation.

It provides direct benefits to physical therapists, ranging from solo practitioners to larger clinics, by addressing key challenges such as insurance reimbursements and cash flow management.

As per the company, it has grown rapidly in a short time on the strength of its product, achieving meaningful industry recognition. In the past 18 months, SPRY has partnered with over 105 clinics across 30 American states. The company was named the top physical therapy software solution by G2 in the Summer and Fall editions.

It competes with WebPT, PromptEMR, Raintree,  and Strata, among others.

With $850 million in patient capital under management deployed across five continents, early-stage venture capital firm Flourish Ventures has made over 20 investments in India and Southeast Asia. Its portfolio includes Apnaklub, Aquaconnect, Brick, CredFlow, Grab Finance, Indifi, M2P, Kaleidofin, QueueBuster, Qoala, ShopUp, and Scripbox.