Insight Partners and Norwest back SpryPoint's growth in utilities

SpryPoint has closed a strategic growth investment led by Insight Partners, with existing backer Norwest remaining a committed participant. The capital will be used to accelerate product development, broaden deployment capacity and expand the company’s customer-success operations as it scales a cloud-native platform for utilities.

Founded in 2011, SpryPoint supplies a purpose-built, cloud-first customer service and operations suite for water, electric and gas utilities. The company says more than 100 utilities across the Americas depend on its software for billing, field operations and customer engagement — a footprint the new investment aims to deepen while shortening customer time-to-value.

Leading the deal, Insight Partners brings both capital and vertical software experience. The firm, which reports over $90 billion in assets under management, has a track record in government and civic technology and will support SpryPoint on product, go-to-market and payments strategy. Joining SpryPoint’s board as part of the transaction are Anika Agarwal, Amir Ravandoust and Sam Rhee, who will provide operational guidance as the business grows.

Kyle Strang, SpryPoint’s CEO, framed the investment as validation of the company’s sector focus and delivery model: moving utilities off legacy stacks into a modern, multi-tenant architecture that reduces total cost of ownership and enables faster feature rollouts. The company’s recent recognitions on Deloitte growth lists are cited internally as evidence of sustained commercial momentum.

Norwest, which first backed SpryPoint in 2023 and manages roughly $15.5 billion in capital, will remain on the cap table. In the statement accompanying the round Norwest emphasised its support for the company’s expansion across North America and its confidence in SpryPoint’s ability to convert large, conservative utility customers to cloud-native solutions.

Market context favours the move: utilities are under growing pressure to modernise customer experience and operational systems while meeting regulatory and resilience demands. Annual IT and digital transformation budgets for utilities collectively run into the tens of billions globally, creating a durable addressable market for specialised SaaS vendors. Backers like Insight Partners are betting that vertical-focused, cloud-native platforms which reduce legacy integration risk can capture outsized share. Financial adviser to the transaction was William Blair.

For SpryPoint the immediate priorities will be hiring in product and customer success, accelerating roadmap deliveries that reduce deployment timelines, and supporting larger enterprise rollouts. For the market, the deal underscores continued investor appetite for mission-focused utility software — a theme likely to attract follow-on investments and strategic consolidation as the sector modernises.