Healthcare Distributor bttn Valued at $110M After $20M Series A Round

Healthcare distribution tech platform bttn wrapped up a $20 million Series A funding round that puts its valuation at $110 million, according to a Monday (June 13) company press release.

Tiger Global led bttn’s funding efforts, with participation from existing investor Fuse. The company is focused on streamlining the process of buying name-brand medical supplies online for medical practitioners, businesses and emergency responders.

“bttn was founded with the mission to deliver a modern, digital approach to buying medical supplies, ultimately meeting a much-desired need in this highly antiquated market,” said JT Garwood, CEO and co-founder of bttn.

More than 1,000 orders were made on bttn.com in May, including repeat customers, who are returning to the platform for additional supplies. The company added eight distribution and fulfillment centers to its supply chain in April, further cutting out expensive middlemen and passing these savings directly to its customers.

The company now has access to more than 2.5 million medical supplies. The average delivery is fulfilled within three days of ordering.

Related: Blockchain in Action: Healthcare and Pharma Blockchains Are a Matter of Life and Death

The healthcare and the pharmaceutical industry may benefit from blockchain, according to advocates in a recent PYMNTS report. One revolutionary future innovation could be an industry-wide blockchain that allows patients to have tokenized medical records that are unchangeable and cannot be lost, and which can be controlled by the patient, who would have to provide a key code to unlock records.

Doctors could access health data and add information like medications and past illnesses, but third parties like insurers and employers wouldn’t have access that would let them see if someone is likely to need expensive procedures or be out sick a lot. Other uses include pharmaceutical companies getting blind access to see how effective a medication was proving, or an employer being told how many employees have diabetes, but not who they are.