New capital to accelerate cloud-native utility platform expansion and market leadership
SpryPoint, a provider of a cloud-native customer service and operations platform for utilities, announced a strategic growth investment from Insight Partners, a leading global software investor with over 30 years of experience scaling software companies.
The investment is set to fund the expansion of capabilities to drive customer time-to-value, accelerate product development, and scale the organization as SpryPoint continues serving utilities modernizing their customer service and operations infrastructure. With more than a decade of experience, SpryPoint has built a reputation as a trusted and mission-critical partner to utilities across North America, with a track record of successful implementations spanning water, electric, and gas utilities.
Utilities face mounting pressure to replace legacy systems while managing increasing operational complexity and evolving customer expectations. “We’ve built the industry’s only truly cloud-native customer service and operations platform purpose-built for utilities,” said Kyle Strang, CEO of SpryPoint. “Our growth – recognized by Deloitte as one of the 50 fastest-growing companies in Canada and among the top 500 in North America, reflects the strong demand for modern solutions that utilities can depend on. This investment allows us to expand our team to ensure every utility continues to receive a best-in-class experience throughout deployment and beyond, maintaining the service quality that has defined our success.”
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With Insight’s investment, Anika Agarwal, Amir Ravandoust, and Sam Rhee, will join SpryPoint’s board of directors.
“Utilities represent a massive, underserved market with powerful modernization tailwinds,” said Anika Agarwal, Managing Director at Insight Partners. “SpryPoint has built a differentiated platform that utilities value, as demonstrated by their track record of successful implementations and long-term client partnerships. The company’s customer-first approach and platform reliability make them well-positioned to serve this market, and we’re excited to support the team as they scale to meet market demand.”
Ravandoust added: “SpryPoint has demonstrated its ability to innovate and thoughtfully expand its platform in ways that resonate with utilities. Their consistent delivery of new products, combined with a strong execution mindset, positions the company well for its next phase of growth. We’re eager to support the team as they broaden their product portfolio and continue raising the bar for customer value.”
Insight Partners brings deep domain expertise in vertical software and government technology, having invested in companies including CivicPlus, Vector Solutions, and Payit. Beyond capital, Insight Partners will provide operational expertise in areas including product innovation, payments strategy, and go-to-market efficiency, supporting SpryPoint’s ability to continue driving best-in-class client outcomes while scaling.
Norwest, which initially invested in SpryPoint in 2023, remains deeply committed to the company and continues as a significant investor alongside Insight Partners. “SpryPoint has grown dramatically over the past three years, a testament to the strength of the product platform as well as the management team’s dedication to serving utilities across North America.,” said Ran Ding, General Partner at Norwest. “We’re excited to partner with Insight Partners to continue to support SpryPoint’s growth in the years ahead.”
William Blair served as exclusive financial advisor to SpryPoint.
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