Medical Supply Marketplace Startup bttn. Secures Additional $5 Million Seed Funding
Over the past two years, news stories have highlighted the challenges hospitals and other medical organizations faced in procuring masks, gloves, and other essential medical supplies as hospital units grew crowded with COVID patients.
The Need for a New Approach to Medical Supply Procurement
Founders JT Garwood and Jack Miller of Seattle-based company bttn heard the call and started their e-commerce marketplace in March 2021. The company’s goal was to provide medical organizations with a reliable source of name-brand medical supplies at fair prices. By leveraging technology, bttn aimed to streamline the supply chain and reduce costs for its customers.
A New Era in Medical Supply Distribution
bttn’s business-to-business e-commerce marketplace provides a wide range of name-brand medical supplies, saving its customers an average of between 20% and 40%. The company’s platform also offers a better ordering and shipping experience, making it easier for medical organizations to manage their supply chain.
From Chaos to Hypergrowth
When asked about the pandemic’s impact on the medical supply chain, Garwood described it as "the peak of terribleness." He noted that there were significant backorders and manufacturers that were out of production. However, this presented an opportunity for bttn to step in and help medical organizations save time and money.
bttn’s Rise to Success
Garwood highlighted the company’s remarkable growth since its seed round in August 2021. At that time, bttn was working with 300 customers, including individual practices, surgical centers, and over 17 healthcare associations across the country. Today, the company has expanded to 7,000 customers, with more than 500 healthcare practices purchasing supplies via bttn for the first time in April.
bttn’s Milestones
In just one year, bttn has achieved impressive milestones:
- Added eight distribution and fulfillment centers between August 2021 and May 2022
- Increased its employee headcount to 75 (from 10) during the same period
- Saw a 1,000% growth in gross merchandise volume between August 2021 and May 2022
- Reached over 1,000 orders in May 2022
bttn Secures $20 Million Series A Funding
With its rapid growth and success, bttn is now backed by prominent lead investor Tiger Global, with a post-money valuation of $110 million. The company plans to use this funding to accelerate toward its mission of becoming the preferred distributor for every practitioner nationwide and bringing transparency to the ecosystem.
bttn’s Future Plans
Garwood aims to continue building and scaling bttn’s employee numbers, focusing on improving the customer experience to remove friction from ordering and receiving supplies. He also wants to expand bttn’s offerings to include more medical supplies and services.
Conclusion
The COVID-19 pandemic has exposed weaknesses in the global supply chain, particularly for essential medical supplies. bttn’s innovative approach to medical supply procurement and distribution has helped alleviate some of these challenges. With its rapid growth and new funding, bttn is poised to become a leading player in the medical supply industry.
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