Seattle-based medical supply marketplace Bttn has raised a $20 million Series A round.
The funding, announced Monday, comes as Bttn looks for new office space to house its growing team, according to co-founder and CEO JT Garwood. The company currently has an office in Fremont, but Garwood said Bttn is looking for a larger space that can hold around 150 to 450 seats.
"Most of our employees live in the Queen Anne, Ballard, Fremont circle, so we're prioritizing the search there," Garwood said. "We're really firm believers in making the office as accessible as possible to our employees. As we expand, obviously that's going to get harder and harder, but for now making it one of the neighborhoods that the majority of our employees are living at makes it a whole lot easier to get folks in the office."
Garwood said Bttn has about 75 employees, roughly two-thirds of whom are based in the Seattle area. He added that the company plans to double or triple its headcount over the next year.
Bttn, founded last year, allows medical professionals to search and order medical supplies online. Garwood said the majority of customers are individual health care practices like dermatologist offices and physician offices. The company says it has 7,000 customers and makes money through margins on the products sold through its marketplace
Tiger Global Management led the round, while Bellevue-based Fuse participated. Fuse has invested in local companies like the productivity startup Zuper and the video startup Pictory. Tiger Global, meanwhile, has made multiple big bets on Seattle-area tech unicorns, or startups with a value of at least $1 billion. The New York City-based investment firm's flagship growth fund has seen losses of more than 50% this year, according to CNBC, as the tech market has declined.
As Bttn grows its team, Garwood said the company is focused on getting more manufacturers and name-brand supplies.
"The service quality is such an important aspect to this business model because that's a lot of the reason why e-commerce incumbents haven't been able to match what's out there in the market," Garwood said. "If we can give a medical practitioner 100% of what it is that they need to purchase through a better channel at a more effective cost, we're going to."
