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Sunday, May 19, 2024

US healthcare startup Bttn secures $20M in Tiger Global led funding round

Seattle-based startup bttn has secured $20 million in a new round of funding. Tiger Global led the Series A funding round in the medical supply startup.

Tiger Global led a $20 million Series A financing for Seattle-based company bttn, which intends to revolutionize the healthcare distribution system. The financing raises the year-old company’s worth to $110 million.

Bttn, pronounced “button,” intends to save expenses and eliminate the middleman in medical supply procurement. It currently services over 7,000 clients and has a team of 75 people, with the epidemic giving an initial boost.

In April, the firm says it got access to eight distribution and fulfillment hubs. These facilities have aided in the company’s reduced fulfillment periods, which currently average about three days after the first order. It also obtained access to over 2.5 million medical items from well-known producers.

While larger economic factors have made it difficult for many startups to raise money, bttn CEO and co-founder JT Garwood believes his company is immune to this trend due to the large market it services and the industry’s inelastic nature. In 2022, the wholesale medical supplies industry is estimated to exceed $300 billion.

A former Microsoft senior account officer, Garwood, said, “Healthcare and health-tech is a pretty broad sector. It’s an excellent investment opportunity.”

Garwood and software developer Jack Miller co-founded the firm. Garwood and Miller also collaborated at PPE.Exchange, an online marketplace for PPE and other medical products that Garwood co-founded. Tiger Global, located in New York, has lately made headlines for making a flurry of bets on digital firms over the previous several years, only to have profits “vaporized” due to the prolonged economic slump. The business has reduced its investments in later-stage companies in favor of younger entrepreneurs.

The current financing follows a $6.5 million seed round headed by Bellevue, Wash.-based venture company FUSE, which also participated in the previous round. Bttn has received $26.5 million in total finance to far.


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