Hotbit has just secured $400 million in financing to help expand its online dental exchange and hire new employees, which it hopes will help it meet its goals to become a $1 billion company.
The $400m will be used to expand the company’s core product and add new features, including a new user interface, according to a release.
The funding will allow the company to expand its business, expand its global footprint and create new opportunities for its team of 200 people, the company said.
Hotbit already has an active user base of more than 400 million users and expects to hit 500 million users by 2020.
It also aims to have 50 million users online by the end of the year.
The company also has plans to hire 200 new people by 2020 and has plans for $3 billion in investments over the next five years, including an investment in a $10 million office building, Hotbit said.
Dental Exchange, which was founded in 2003, was the first online dental service in the U.S.
It is now part of a growing global trend of online health and wellness companies, with the likes of Amazon and HealthFirst Inc. working to connect patients with dentists and other health professionals.
The companies have said they are expanding to other countries in the coming months.
The investment will help the company accelerate its expansion into more countries and to become an even bigger player in the dental industry.
Dentists have been a big part of Hotbit’s business since 2007.
The company began offering a range of services for the dental market in 2011, including personalized services and referral programs.
Denture capitalist Michael Lerer, who helped raise the $400 m in financing, said in the release that he had been impressed by the company for a long time.
He said that in addition to the new investment, Hotbits future investments would be “significant.”