SaaS Startup Spry Therapeutics Bags $15 Mn To Expand In US Healthcare Market
by Bhupendra Paintola · Inc42SUMMARY
- The funding round was led by Flourish Ventures and also saw participation from existing investors like Together Fund, Fidelity’s Eight Road Ventures, and F Prime Capital
- The newly raised capital will be used to establish a sales and servicing team in the US healthcare market
- Spry Therapeutics offers an integrated practice management solution to therapy professionals
- Added to Saved Stories in Login
SaaS startup Spry Therapeutics, founded by former Ola chief technology officer Brijraj Bhuptani, has raised $15 Mn (around INR 126 Cr) in a funding round led by Flourish Ventures. The round also saw participation from existing investors like Together Fund, Fidelity’s Eight Road Ventures, and F Prime Capital.
The newly raised capital will be used to establish a sales and servicing team in the US healthcare market, with a focus on expanding the company’s client base, Bhuptani told Economic Times.
Founded in 2021 by Riyaz Rehman and Bhuptani, Spry Therapeutics offers an integrated practice management solution to therapy professionals. It claims that its platform is designed to adapt to the evolving clinical and business needs of physical therapists, occupational therapists, and speech-language pathologists.
The startup claims to digitise the entire process from the front desk to clinical operations to the back office. Spry Therapeutics also handles insurance claims, administrative tasks for therapy centres, and financial services such as payments and billing.
It claims to have onboarded 105 clinics in the US in the last 18 months.
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Including the latest round, the startup has raised a total funding of about $25 Mn to date.
In 2022, Spry Therapeutics raised $7 Mn in funding from Eight Roads Ventures, with participation from F-Prime Capital and Together Fund. Before that, it secured $3 Mn in a seed funding round led by venture capital fund Together Fund.
The funding comes at a time when global investors are betting big on the SaaS startups around the healthcare segment.
Earlier in May, private equity giant KKR was reported to have bought a significant minority stake in healthcare SaaS company Infinx Services via a deal worth about $150 Mn.
According to data released by Precedence Research, the global healthcare SaaS market was expected to reach a size of around $77.43 Bn by 2032.