BetterPT Secures $5M Series A Funding to Expand Digital Platform Connecting Physical Therapists, Patients, and Physicians

VCBeat (WeChat ID: vcbeat) has learned that Better PT is a health-tech platform providing end-to-end digital connectivity among physical therapists (PTs), patients, and physicians. The company recently announced the completion of its $5 million Series A financing round. The round was led by 5Lion Ventures, with participation from the Hospital for Special Surgery (HSS) and ID Fund. Better PT will use the proceeds to expand its reach and establish itself as the leading specialized platform in the U.S. physical therapy market.

Better PT secured seed funding in 2016 and 2017, respectively. Notably, on September 1, 2017, the company completed a $1.5 million seed round co-led by 5Lion Ventures and HSS.

Better PT is committed to providing end-to-end digital connectivity services for physicians, physical therapists (PTs), and patients, transforming the way patients access healthcare services and their overall experience. As the fastest-growing specialized PT platform in the United States, Better PT’s platform, in collaboration with Hospital for Special Surgery (HSS), helps patients locate local clinics that best meet their needs. Patients can complete appointments on the platform with just a few clicks. Additionally, Better PT’s Inbound Patient Management (IPM) solution enhances operational efficiency for clinics.

“This financing represents a significant milestone for Better PT, as we are expanding our unique healthcare services in the U.S. by connecting patients with physical therapists,” said Greg Peters, CEO of Better PT. “We will continue to grow our base of physical therapy clinic clients and patient users.”

“Better PT’s technology not only addresses gaps in physical therapy but also has the potential to resolve significant deficiencies within the healthcare system,” said Ronald W. Russo, Partner and Chief Operating Officer at 5Lion Ventures. “We are excited to partner with Better PT, which will scale up our operations in the healthcare infrastructure sector.”

“HSS is dedicated to improving patients’ musculoskeletal health,” said Louis A. Shapiro, President and CEO of HSS. “We share the same strategic goals and vision with Better PT—empowering consumers to access the best physical therapy where they live and work.”

5Lion Ventures, founded by Andrew V. Welters in 2013, is an early-stage venture capital firm. The firm focuses on providing funding and strategic support for seed and Series A financing rounds of emerging technology companies.

HSS is the world’s leading academic medical center focused on musculoskeletal health. Ranked No. 1 in orthopedics for nine consecutive years by U.S. News & World Report (2018–2019), HSS has been a top-ranked institution in orthopedics and rheumatology for 27 consecutive years. HSS places great emphasis on infection control and is one of the hospitals with the lowest infection rates in the United States.

ID Fund is headquartered in Boca Raton, Florida, and is an investor-centric fund institution.

(Compiled by He Qiongfeng)