The physical therapy practice industry in the United States focuses on restoring function and mobility to individuals recovering from injuries or surgeries. It includes clinics, outpatient facilities, home health agencies, and specialized therapy providers that offer hands-on care, rehabilitation technologies, and telehealth services. As the aging population increases, demand for physical therapy is expected to rise, with innovative treatments and advanced technologies like telehealth-enhanced physical therapy shaping its future. Moreover, a growing emphasis on preventive care and wellness further contributes to the industry's evolution, presenting opportunities for expansion and improved patient outcomes.


The present investors in the physical therapy sector consist of corporate entities and venture capital firms. They hail from various locations, including major hubs like San Francisco and New York. Ranging in size from small firms with fewer than 50 employees to large corporations with thousands, these investors have roots reaching as far back as the 1940s. In 2024, they pursued numerous deals, with some firms like Y Combinator making an impressive 802 investments. Their collective activities illustrate a robust interest in advancing physical therapy practices and the healthcare landscape.


Top 17 Physical Therapy Practice Investors in the US


1. Y Combinator

  • Website: ycombinator.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 802
  • LinkedIn: y-combinator

Y Combinator is a prominent startup accelerator and venture capital firm based in San Francisco, California, founded in 2005. It provides funding and mentorship to early-stage technology companies through a structured program that helps entrepreneurs launch and grow their businesses. Y Combinator has successfully launched over 4,000 startups, making it a key player in the technology startup ecosystem. Among their notable investments, they have funded several healthcare-related startups, including Shasta Health, which raised $500,000 in a Pre-Seed round in August 2023, and Comet Healthcare, which raised $125,000 in a Pre-Seed round in August 2021. Other relevant transactions include Flowly, Kivo Health, and EncepHeal Therapeutics, which also focus on health and wellness, indicating Y Combinator's interest in the healthcare sector, including potential applications in physical therapy practices.


2. Government of Canada

  • Website: canada.ca
  • Type: Corporate
  • Headquarters: Canada, Kentucky, United States (USA)
  • Founded year: 1999
  • Headcount: 10001+
  • Number of deals in 2024: 137
  • LinkedIn: government-of-canada

The Government of Canada is a public entity that provides a wide range of services and information to Canadian citizens and residents, addressing various needs including employment, immigration, health care, and taxation. Founded in 1999, it operates through multiple departments and agencies to ensure access to essential services and support for individuals and businesses across the country. In 2023, the Government of Canada has been actively involved in funding health-related initiatives, particularly in the physical therapy sector. Notable transactions include grants to NewU Physio, Brain Care Centre, and Saskatchewan Health Authority, all of which focus on enhancing healthcare services and support for individuals requiring physical therapy and rehabilitation. These transactions demonstrate the government's commitment to improving health outcomes and access to physical therapy services across Canada.


3. OrbiMed

  • Website: orbimed.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 52
  • LinkedIn: orbimed-advisors

OrbiMed is a prominent investment firm based in New York, specializing in healthcare investments since its founding in 1989. With approximately $17 billion in assets under management, OrbiMed focuses on various healthcare sectors, including biopharmaceuticals, medical devices, and healthcare services. Notable transactions include their participation in Crossover Health's Series D financing, which aims to expand a tech-enabled healthcare organization, and their investment in Koya Medical, a healthcare company focused on strategic growth. These investments highlight OrbiMed's commitment to supporting innovative healthcare solutions, which may include services relevant to physical therapy practices.


4. New Enterprise Associates (NEA)

  • Website: nea.com
  • Type: Venture Capital
  • Headquarters: Menlo Park, California, United States (USA)
  • Founded year: 1977
  • Headcount: 51-200
  • Number of deals in 2024: 57
  • LinkedIn: new-enterprise-associates

New Enterprise Associates (NEA) is a prominent venture capital firm founded in 1977, based in Menlo Park, California. NEA specializes in investment management and advisory services for startups, particularly in the technology and healthcare sectors. The firm partners with entrepreneurs to provide funding and strategic guidance, helping them navigate the challenges of building successful businesses. NEA has been involved in several significant transactions in the healthcare field, including investments in Vori Health, which focuses on musculoskeletal care. Vori Health raised substantial funding through multiple rounds, including a Series A round that totaled over $50 million, with NEA as a leading investor. This involvement highlights NEA's commitment to supporting innovative healthcare solutions, including those relevant to physical therapy practices. Additionally, NEA's investment in Encompass Health Corp. further demonstrates their engagement in the healthcare sector, which encompasses rehabilitation and physical therapy services.


5. Deep Tech Fund (an Alumni Ventures Fund)

  • Website: av.vc
  • Type: Venture Capital
  • Headquarters: Manchester, New Hampshire, United States (USA)
  • Founded year: 2023
  • Headcount: 51-200
  • Number of deals in 2024: 258
  • LinkedIn: deep-tech-fund-av-focused-fund

Deep Tech Fund (an Alumni Ventures Fund) is a venture capital firm based in Manchester, New Hampshire, founded in 2023. It provides accredited investors and institutions with access to professionally-managed, diversified venture portfolios. The firm has a network of over 10,000 investors and focuses on connecting them with high-quality investment opportunities in the startup ecosystem. Notable transactions include investments in WelbeHealth, which raised $30 million in Series C and $15 million in Series B, indicating a focus on healthcare solutions. Additionally, Cala Health raised $50 million in Series C, which may also relate to health technology. These investments suggest a potential interest in health-related startups, which could include physical therapy practices, although the fund's overall focus is broader than just this sector.


6. MedTech Innovator

  • Website: medtechinnovator.org
  • Type: Corporate
  • Headquarters: Los Angeles, California, United States (USA)
  • Founded year: 2013
  • Headcount: 11-50
  • Number of deals in 2024: 85
  • LinkedIn: medtech-innovator

MedTech Innovator is a not-for-profit organization based in Los Angeles, California, founded in 2013. It serves as the largest accelerator for medical technology companies, providing accelerator programs, mentorship, and competitions to support startups in the medical device, digital health, and diagnostics sectors. In 2024, they have made 85 investments, indicating a robust engagement with emerging technologies. Among their notable transactions, they have supported NeuroRecovery Technologies, which is involved in rehabilitation technologies, and Koya Medical, which may also have applications in physical therapy. Their involvement in grants and seed funding for companies like Green Sun Medical further illustrates their commitment to fostering innovation that could benefit the physical therapy practice industry.


7. Silicon Valley Bank

  • Website: svb.com
  • Type: Venture Capital
  • Headquarters: Santa Clara, California, United States (USA)
  • Founded year: 1983
  • Headcount: 5001-10000
  • Number of deals in 2024: 31
  • LinkedIn: silicon-valley-bank

Silicon Valley Bank is a commercial bank founded in 1983, specializing in providing financial services to the innovation economy, particularly tech startups and venture capital firms. They offer a range of products including business banking, global payments, and asset management, helping clients navigate financial challenges and support their growth. Notably, Silicon Valley Bank has been involved in several transactions within the physical therapy practice context, such as providing $15 million in debt financing to AlterG, a company known for its rehabilitation technology, and $7 million to Clinicient, which offers software solutions for physical therapy practices. Additionally, they participated in a credit facility for Oak Street Health, which, while primarily focused on healthcare, also intersects with physical therapy services. These transactions highlight their active role in supporting companies that contribute to the physical therapy industry.


8. 500 Global

  • Website: 500.co
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2010
  • Headcount: 201-500
  • Number of deals in 2024: 98
  • LinkedIn: 500-startups

500 Global is a venture capital firm and startup accelerator based in San Francisco, California, founded in 2010. The firm specializes in investing in early-stage technology companies, providing funding, mentorship, and resources to help founders scale their businesses. With a global focus, 500 Global has made significant investments in various sectors, including healthcare. Notable transactions include Ameen Care, which raised funds in a seed round, and Alodokter, a health information platform that raised $2.5 million in Series A funding. Additionally, they participated in seed funding rounds for other health-related startups like Flowly and CAPS. These investments highlight their engagement in the healthcare sector, which could extend to physical therapy practices, particularly those leveraging technology for patient care and management.


9. F-Prime


F-Prime Capital is a venture capital firm based in Cambridge, Massachusetts, founded in 1946. The firm specializes in creating and investing in healthcare and technology companies, providing both venture capital investments and advisory services to entrepreneurs. F-Prime has a global presence and expertise that enables them to effectively support startups in developing innovative solutions. Notably, they have invested in Spry, a healthcare SaaS startup that raised over $7 million in a Series A funding round, with the latest proceeds aimed at enhancing practice management for physical rehabilitation. This investment highlights F-Prime's commitment to the physical therapy practice sector. Additionally, they have been involved in other healthcare investments, such as Bang Er Orthopedic and WelbeHealth, further solidifying their focus on healthcare innovation.


10. Frazier Healthcare Partners


Frazier Healthcare Partners is a venture capital firm based in Seattle, Washington, founded in 1991. The firm specializes in healthcare and life sciences investments, focusing on growth buyout opportunities in profitable healthcare businesses and innovative biopharmaceuticals. With a strong track record, Frazier Healthcare has made significant investments in various healthcare sectors, including notable acquisitions such as Atlanta Gastroenterology Associates and Comprehensive Pharmacy Services, Inc. While their recent transactions do not directly highlight physical therapy practices, their overarching strategy in healthcare investments positions them as a potential investor in this field, as they seek to support companies looking to scale operations and enhance service offerings.


11. GV (Google Ventures)

  • Website: gv.com
  • Type: Venture Capital
  • Headquarters: San Francisco Bay Area, California, United States (USA)
  • Founded year: 2009
  • Headcount: 51-200
  • Number of deals in 2024: 74
  • LinkedIn: gv

GV (Google Ventures) is a venture capital firm founded in 2009, based in the San Francisco Bay Area, with over $10 billion in assets under management. The firm focuses on funding and supporting innovative technology startups across various sectors, including life sciences and artificial intelligence. Notable transactions include investments in Synapticure, a teleneurology company that raised $25 million in Series A funding and $6 million in seed funding to enhance care for patients with ALS, and Cala Health, which raised $50 million in Series C funding to develop neuromodulation therapies. These investments highlight GV's commitment to advancing healthcare technologies, which may have implications for physical therapy practices looking to innovate and improve patient care.


12. General Catalyst


General Catalyst is a venture capital firm founded in 2000, based in San Francisco, California. The firm specializes in early-stage and growth investments, providing capital and strategic guidance to startups across various industries, including technology and healthcare. Notably, General Catalyst has been involved in significant transactions within the healthcare sector, such as their investments in Sword Health, which raised $163 million in Series D funding and $85 million in Series C funding, focusing on digital physical therapy solutions. Additionally, they participated in funding rounds for other healthcare-related companies like Equip Health and Harbor Health, showcasing their commitment to supporting innovative healthcare solutions. Their diverse portfolio and active engagement in the healthcare industry position them as a potential investor for physical therapy practices looking for growth and technological advancement.


13. Polaris Partners

  • Website: polarispartners.com
  • Type: Venture Capital
  • Headquarters: Boston, Massachusetts, United States (USA)
  • Founded year: 1996
  • Headcount: 11-50
  • Number of deals in 2024: 19
  • LinkedIn: polaris-partners

Polaris Partners is a venture capital firm based in Boston, Massachusetts, founded in 1996. The firm specializes in healthcare and biotechnology investments, partnering with entrepreneurs to provide funding and strategic guidance to help them innovate and grow their businesses. Their portfolio includes a diverse range of companies focused on transformative healthcare solutions. Notably, Polaris led a $12M Series A funding round for SpineZone, a provider of personalized treatment for musculoskeletal conditions, which is directly relevant to physical therapy practices. Additionally, they participated in funding rounds for Livara Health, which has expanded its services to meet growing healthcare needs, further indicating their active role in the healthcare sector. Overall, Polaris Partners is committed to supporting early-stage companies in bringing their healthcare products to market, making them a significant player in the healthcare investment landscape.


14. Plug and Play Tech Center


Plug and Play Tech Center is an innovation hub and venture capital firm based in Sunnyvale, California, founded in 2006. They connect startups with corporations to foster growth and innovation, offering various programs including accelerator initiatives and investment opportunities. In 2024, they made 253 investments, showcasing their active role in the venture capital landscape. Notably, they have invested in health-related startups such as Neura Health, which focuses on expanding its market presence in health plans, and Meru Health, which has raised significant funding to support mental health solutions. These transactions indicate their engagement in the healthcare sector, which is relevant to physical therapy practices as they increasingly integrate technology and innovative solutions into their services.


15. Venrock

  • Website: venrock.com
  • Type: Venture Capital
  • Headquarters: Palo Alto, California, United States (USA)
  • Founded year: 1969
  • Headcount: 51-200
  • Number of deals in 2024: 11
  • LinkedIn: venrock

Venrock is a venture capital firm founded in 1969, based in Palo Alto, California. The firm has a strong focus on healthcare, with notable investments in companies that provide rehabilitation services, such as NovaCare Rehabilitation and Encompass Health Corp. These companies are significant players in the physical therapy and rehabilitation space, indicating Venrock's interest in this sector. Furthermore, Venrock has invested in Lyra Health, which, while primarily focused on mental health, also intersects with physical wellness and could complement physical therapy practices. Venrock's mission is to support innovative healthcare solutions that improve patient outcomes, making them a relevant investor in the physical therapy practice industry.


16. Oxford Finance LLC

  • Website: oxfordfinance.com
  • Type: Corporate
  • Headquarters: Alexandria, Virginia, United States (USA)
  • Founded year: 2002
  • Headcount: 51-200
  • Number of deals in 2024: 2
  • LinkedIn: oxford-finance-llc

Oxford Finance LLC is a corporate financial services company based in Alexandria, Virginia, founded in 2002. The firm specializes in providing flexible lending solutions to middle-market companies, particularly in the life sciences and healthcare sectors. They offer a variety of financial products, including enterprise lending, leveraged lending, and real estate financing, aimed at helping businesses secure the necessary capital for growth and innovation. Notably, Oxford Finance has been involved in several significant transactions relevant to the physical therapy practice context, such as a $15 million debt financing for AlterG, a company that develops rehabilitation technologies used in physical therapy. Their portfolio also includes funding for healthcare service providers like Continuing Healthcare Solutions and Mainstay Medical, further demonstrating their active role in the healthcare financing landscape.


17. Khosla Ventures

  • Website: khoslaventures.com
  • Type: Venture Capital
  • Headquarters: Menlo Park, California, United States (USA)
  • Founded year: 2004
  • Headcount: 51-200
  • Number of deals in 2024: 97
  • LinkedIn: khosla-ventures

Khosla Ventures is a venture capital firm founded in 2004, based in Menlo Park, California. The firm focuses on providing funding and strategic guidance to startups across various sectors, including technology, healthcare, and sustainability. Notably, Khosla Ventures has been actively involved in the healthcare space, particularly through their investments in Sword Health, a virtual musculoskeletal care provider. They participated in several funding rounds for Sword Health, including a Series D round of $163 million in November 2021, a Series C round of $85 million in June 2021, and a Series B round of $25 million in January 2021. These transactions highlight Khosla Ventures' commitment to supporting innovative healthcare solutions that are relevant to physical therapy practices.



Physical Therapy Practice Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
Y CombinatorSan Francisco, California, United States (USA)51-2002005802
Government of CanadaCanada, Kentucky, United States (USA)10001+1999137
OrbiMedNew York, New York, United States (USA)51-200198952
New Enterprise Associates (NEA)Menlo Park, California, United States (USA)51-200197757
Deep Tech Fund (an Alumni Ventures Fund)Manchester, New Hampshire, United States (USA)51-2002023258
MedTech InnovatorLos Angeles, California, United States (USA)11-50201385
Silicon Valley BankSanta Clara, California, United States (USA)5001-10000198331
500 GlobalSan Francisco, California, United States (USA)201-500201098
F-PrimeCambridge, Massachusetts, United States (USA)11-50194639
Frazier Healthcare PartnersSeattle, Washington, United States (USA)51-200199127
GV (Google Ventures)San Francisco Bay Area, California, United States (USA)51-200200974
General CatalystSan Francisco, California, United States (USA)51-2002000144
Polaris PartnersBoston, Massachusetts, United States (USA)11-50199619
Plug and Play Tech CenterSunnyvale, California, United States (USA)501-10002006253
VenrockPalo Alto, California, United States (USA)51-200196911
Oxford Finance LLCAlexandria, Virginia, United States (USA)51-20020022
Khosla VenturesMenlo Park, California, United States (USA)51-200200497


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