SaaS Startup Spry Therapeutics Secures $15M for Physical Healthcare Software

TL/DR –

Spry Therapeutics, a SaaS startup, has raised $15 million in a funding round led by Flourish Ventures. The funding will be used to expand the company’s client base in the American healthcare market by establishing a sales and servicing team. Spry offers software for clinical management, administrative solutions, and insurance claims processing, specifically catering to physiotherapy clinics, and currently serves 105 clinics in the US.

Spry Therapeutics Secures $15 Million Funding for Expansion in US Healthcare Market

Spry Therapeutics, a Software-as-a-service (SaaS) startup, has secured $15 million in funding for its software designed for physical healthcare centers. The investment round was led by Flourish Ventures, and included contributions from Together Fund, Fidelity’s Eight Road Ventures, and F Prime Capital. This round elevates Spry’s equity to a total of $25 million.

Targeting the American Healthcare Demographic

As a Pune-based startup, Spry is strategizing to introduce its software products to the global market, with a specific focus on the American healthcare demographic. The newly raised capital is planned to fund a sales and servicing team in the U.S. healthcare market. The primary aim is to expand the company’s client base, as Spry has already onboarded 105 clinics in the U.S.

Offering Integrated Healthcare Solutions

Spry Therapeutics, founded in 2021, provides integrated software for clinical management and administrative solutions. The software helps process insurance claims, largely catering to the needs of physiotherapy clinics. Yale graduates raised $27 million for their AI-powered public safety platform in October 2024.

Addressing Market Needs

“Spry is targeting the large market of small businesses that provide physical therapy but lack the means to make insurance claims digitally,” said Kabir Kumar, partner at Flourish Ventures. The SaaS startup has entered the physical therapy market as preventive care and rehabilitation needs are increasing, particularly in the U.S. physical therapy market.

Positioned for Growth

With a tagline of “all-in-one solution for PT clinics,” Spry is positioning itself for significant growth. The U.S. physical therapy market is projected to rise from $46.75 billion in 2023 to a robust $87.83 billion by 2031, indicating “a dynamic expansion” in the future.

Experience and Expertise

Prior to serving as the CTO of Ola from 2019 to 2021, co-founder and CEO Brijraj Bhuptani founded Birds Eye Systems Private Ltd., later acquired by Ola. Fellow co-founder and Chief Product Officer, Riyaz Rehman, has an MBA from IIM Ahmedabad and previously worked with Bhuptani at Ridlr. The duo ultimately joined forces to create Spry Therapeutics.

A Bright Future Ahead

Through their collaboration, they’ve partnered with over 100 clinics across the U.S. in the past three years. With the new funding, they plan to expand their sales and support teams, enabling more clinics to benefit from their platform.

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