SPR Therapeutics Revenue, Valuation, Funding & Investors
SPR Therapeutics is valued at $86M as of January 2019, a 3.4x multiple on its last reported $25M revenue.
Last SPR Therapeutics valuation
$86M
Series C · Jan 2019
Last SPR Therapeutics funding round
$25M
Series D · Feb 2024
SPR Therapeutics revenue
$25M
Series C · Jan 2019
Key investors in SPR Therapeutics
RC Capital
Revelation Partners
Mutual Capital Partners
Frontcourt Ventures
NDI Healthcare Fund
Public Square Partners
About SPR Therapeutics
SPR Therapeutics is a Cleveland-headquartered medical device company commercializing the SPRINT peripheral nerve stimulation system for chronic pain relief. FDA-cleared in 2019, the implantable device delivers 60-day therapy to nerves like the tibial for post-amputation pain. The firm conducts trials for low back pain and partners with VA hospitals across 20 states for over 1,000 patient treatments annually.
Founded
2010
HQ
Cleveland, OHWebsite
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Product sales
Revenue
$25M (Jan 2019)
Valuation
$86M (Jan 2019)
SPR Therapeutics Valuation
SPR Therapeutics is currently valued at $86M, based on its Series C in January 2019.
SPR Therapeutics' valuation has grown 3.4x from $25M at its Series B in January 2015 to $86M in January 2019, across 3 priced rounds.
SPR Therapeutics valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2019 | Series C | $86M | 3.4x |
| Sep 2017 | Series C | $75M | - |
| Jan 2015 | Series B | $25M | - |
SPR Therapeutics Revenue
SPR Therapeutics' latest recorded revenue is $25M, as of its Series C in January 2019. At a $86M valuation, that implies a 3.4x revenue multiple.
SPR Therapeutics revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2019 | $25M | $86M | 3.4x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
SPR Therapeutics Funding History
SPR Therapeutics has raised a total of $105M across 6 funding rounds.
SPR Therapeutics' first fundraising round was a $5M Series A in January 2013. The most recent completed round was a $25M Series D in February 2024.
SPR Therapeutics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2024 | Series D | Revelation Partners (lead); Mutual Capital Partners; RC Capital | $25M | - | SPR Therapeutics is a Cleveland-based private medical device company that develops the SPRINT Peripheral Nerve Stimulation (PNS) System, a non-opioid, minimally invasive treatment for acute and chronic pain conditions including low back pain, shoulder pain, knee pain, and post-operative pain. The 60-day treatment represents a drug-free, surgery-free alternative to more invasive pain management approaches and is backed by the largest body of peer-reviewed clinical evidence in peripheral nerve stimulation. On February 1, 2024, SPR Therapeutics announced $85 million in total financing comprising $25 million in Series D-II equity and a $60 million debt facility. The equity round was led by Revelation Partners, with incumbent investors RC Capital and Mutual Capital Partners participating; the debt facility was provided by SLR Capital Partners. The company reported year-over-year revenue growth exceeding 50% from 2022 to 2023 and had experienced nearly 200 percent team expansion in the two years prior to the funding announcement. Proceeds were allocated to expand sales representation across additional U.S. territories, continue product development, and advance clinical evidence and market access initiatives. By October 2025, SPR had achieved approximately 500% revenue growth over the preceding five years and was ranked the second-fastest growing company in the Crain's Cleveland Business Fast 50 list, reflecting sustained commercial momentum in the pain management market. |
| Oct 2021 | Series D | Revelation Partners (lead); Mutual Capital Partners; RC Capital | $37M | - | SPR Therapeutics, a Cleveland-based private medical device company, develops the FDA-cleared SPRINT Peripheral Nerve Stimulation (PNS) System, a 60-day restorative treatment for pain relief without opioids or surgery, targeting acute and chronic pain in interventional pain management. On October 18, 2021, the company closed an oversubscribed $37 million Series D growth equity financing led by Revelation Partners, with participation from River Cities Capital (also referred to as RC Capital or Mutual Capital Partners in some contexts) and Mutual Capital Partners, matching the specified investors. The proceeds were allocated to accelerate commercial uptake of the SPRINT PNS System by expanding the U.S. commercial team, funding additional clinical research, advancing next-generation technology, and supporting commercialization efforts amid strong physician and patient adoption for non-opioid alternatives to permanent implants. CEO Maria Bennett highlighted the system's growing adoption in the interventional pain management community and the goal of broader patient access. Revelation Partners' Scott Halsted emphasized SPR's fit as a commercial-stage healthcare company addressing high-growth potential and unmet needs in pain management. |
| Jan 2019 | Series C | - | $8M | $86M | SPR Therapeutics, a medical device company developing the SPRINT Peripheral Nerve Stimulation (PNS) system for acute and chronic pain relief without opioids or surgery, closed a Series C-1 funding round on January 18, 2019, raising $8 million at a post-money valuation of $85.91 million. The round contributed to the company's total funding of $104.49 million across multiple rounds. The SPRINT PNS system, which received FDA clearance in August 2018 for pain treatment, features minimally invasive devices implanted for up to 60 days. Around this period, SPR Therapeutics secured U.S. Department of Defense and Army grants and contracts totaling $10 million to fund clinical trials, including a $6 million randomized trial for chronic back pain and a $3 million trial for post-surgical pain management in orthopedic trauma. |
| Sep 2017 | Series C | Frontcourt Ventures (lead) | $25M | $75M | SPR Therapeutics is a medical device company based in Cleveland, Ohio, specializing in non-opioid pain management solutions through its proprietary peripheral nerve stimulation (PNS) technology, particularly the SPRINT PNS System, a minimally invasive therapy for chronic and acute pain that avoids opioids and surgery. The company develops treatments to improve quality of life for pain sufferers by enabling early adoption in the treatment continuum by interventional pain management physicians. On September 12, 2017 (close to the approximate December date), SPR Therapeutics raised $25 million in an oversubscribed Series C funding round led by Frontcourt Ventures, with participation from Frontcourt individual LPs, independent institutional investors, Innovation Fund of Northeast Ohio, JumpStart, National Institutes of Health, NDI Medical, and Western Reserve Partners. Frontcourt Group acted as financial advisor, structured the offering, implemented PR strategy, and introduced key industry executives, board members, and customer contacts. The post-money valuation was $75.32 million, with a price per share of $13.98 and 1,788,614 shares outstanding. The funding supported commercialization and further research of the SPRINT PNS platform, positioning SPR as a leader in non-narcotic PNS therapy for millions of pain patients. An unnamed family office also participated alongside Frontcourt Ventures. |
| Jan 2015 | Series B | - | $5M | $25M | - |
| Jan 2013 | Series A | NDI Healthcare Fund; Public Square Partners | $5M | - | SPR Therapeutics is a medical device company commercializing peripheral nerve stimulation (PNS) products for pain relief, including the SMARTPATCH PNS System for short-term, minimally invasive treatment up to 30 days. The company was formed in January 2010 as a portfolio company of NDI Medical, LLC. SPR Therapeutics raised $5 million in Series A financing on January 9, 2013, from NDI Healthcare Fund, Public Square Partners, and individual investors to support commercialization of its PNS technology. This followed a prior $2.2 million Series A tranche in January 2012 led by NDI Medical. Valuation details for the 2013 round were undisclosed. |
Who has invested in SPR Therapeutics?
6 investors have backed SPR Therapeutics across its funding rounds, including RC Capital, Revelation Partners, Mutual Capital Partners, Frontcourt Ventures, NDI Healthcare Fund and Public Square Partners.
Lead investors include Revelation Partners and Frontcourt Ventures.
SPR Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Lead | Oct 2021 | |
| Cleveland, OH | 2 | Participant | Oct 2021 | |
| Cincinnati, OH | 2 | Participant | Oct 2021 | |
| Cleveland, OH | 1 | Participant | Jan 2013 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialSPR Therapeutics Competitors
SPR Therapeutics competitors include listed companies like Saluda Medical, Nyxoah and Hyperfine, and private ones like Digital Diagnostics, Cybin and EPMap-System.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $70M | ($144M) | $75M | - | |
 Mainz | Private | - | - | $68M | - | |
 Belgium | Publicly listed | $12M | ($97M) | $162M | 3.2x | |
 Toronto | Private | - | - | $85M | - | |
| Cologne | Private | - | - | $83M | - | |
| United States | Publicly listed | $14M | ($36M) | $82M | 2.8x |
SPR Therapeutics Public Comps
SPR Therapeutics is still privately-owned, but its public comps include MEZOO, LENSAR, Pulmonx, Nexstim, Applied BioCode, Hyperfine, Kooth, Sera Prognostics, Creo Medical Group and Curiosis.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $5M | - | 17.3x | 17.3x | - | - | |||
| $58M | ($30M) | 1.5x | 1.6x | (3.0x) | 26.7x | |||
| $90M | ($52M) | 0.9x | 0.9x | (1.6x) | (2.9x) | |||
| $13M | $2M | 6.3x | 5.5x | 39.2x | 31.4x | |||
| $15M | ($5M) | 5.0x | - | (14.2x) | - | |||
| $14M | ($36M) | 3.8x | 2.8x | (1.5x) | (1.6x) | |||
| $85M | $13M | 0.7x | 0.7x | 4.6x | 4.3x | |||
| $81K | ($35M) | 471.8x | 207.7x | (1.1x) | (1.2x) | |||
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Common questions about SPR Therapeutics
| When was SPR Therapeutics founded? | SPR Therapeutics was founded in 2010. |
| Where is SPR Therapeutics headquartered? | SPR Therapeutics is headquartered in Cleveland, OH, United States. |
| Is SPR Therapeutics publicly listed? | No, SPR Therapeutics is a private, VC-backed company. |
| What is SPR Therapeutics' valuation? | SPR Therapeutics was last valued at $86M in its Series C in January 2019. |
| How much funding has SPR Therapeutics raised? | SPR Therapeutics has raised $105M across 6 funding rounds. |
| What was SPR Therapeutics' last funding round? | SPR Therapeutics' last funding round was a $25M Series D in February 2024, led by Revelation Partners. |
| Who are SPR Therapeutics' investors? | SPR Therapeutics' investors include Revelation Partners, Mutual Capital Partners, RC Capital, NDI Healthcare Fund, Frontcourt Ventures and Public Square Partners. |
| What is SPR Therapeutics' revenue? | SPR Therapeutics' latest recorded revenue is $25M (January 2019). |
| What is SPR Therapeutics' revenue multiple? | SPR Therapeutics' latest valuation implies a 3.4x revenue multiple ($86M valuation on $25M of revenue). |
| Which companies are comparable to SPR Therapeutics? | Companies comparable to SPR Therapeutics include Saluda Medical, Digital Diagnostics, Nyxoah, Cybin, EPMap-System and Hyperfine. |
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