net32, the Leading Dental B2B Commerce Company Raises $12M in Oversubscribed Round
"net32 has a strong management team, an experienced investor group, and a sophisticated business to business eCommerce website that put it leaps and bounds ahead of everyone else," said Gil Kliman M.D., general partner at InterWest Partners, lead investor of the round. "In our 20 year history of investing in high tech and healthcare companies, we have focused on backing industry leaders. After surveying the dental marketplace, we concluded that net32 has all the ingredients to be the leading dental community, and now has ample capital and resources to implement that vision."
"net32 is poised to be the dominant eCommerce provider for dental professionals. A large growing market, first-mover advantage, strong management, established vendor partnerships, and a growing customer base all add up to a phenomenal opportunity," said Sanderling's Dr. Jim Healy. "net32 is the first and most advanced solution for dental practices. We are pleased to add net32 to the Sanderling portfolio of eBusiness companies serving BioMedical markets."
"Our investment in net32 stems from our confidence in the Company's ability to maintain and build its leadership position in the dental e-procurement marketplace," said Brian Roberts of Acacia Venture Partners. "net32 not only provides users with the most effective comparison shopping and decision support tools in the dental supply chain today, but it is clearly taking the lead in building the first open dental e-marketplace that allows complete collaboration, and hence optimization, among all the supply chain partners ."
Specifically, this round of capital will be deployed toward: accelerating the development and launch of net32's next generation site, recruiting key personnel and initiating an aggressive, integrated marketing campaign to ramp both customer base and customer loyalty.
"Our syndication of investors was selected for their knowledge of the industry and their network of enabling resources," said Thomas P. Cavanagh, President and CEO of net32. "This infusion of capital will enable the rapid advancement of our vision to provide integrated application solutions that enhance the lives and businesses of the dental community."
Kliman and Healy will join Cavanagh and net32 Chairman Reginald Hardy on the Board of Directors. "These new investors have great domain expertise in the dental market and will continue to push net32 well ahead of any competitor," said Cavanagh.
The shareholders of net32 have backed other leading Internet companies such as Abaton.com, About.com, BioSpace.com, CitySearch.com, HealthCentral, Vitamins.com and WellMed.
About net32.com
Founded in 1998, net32, Inc. is a free web-based service specifically designed for today's modern dental offices, serving as the complete online resource for purchasing all required supplies. At the net32 website, dentists are provided with single point access to direct-sell manufacturers, dealers and distributors.
The www.net32.com open marketplace provides free, personalized access to the largest database of over 60,000 dental supplies representing more than 400 manufacturers. This is accomplished through net32's relationships with both manufacturers and distributors.
net32 facilitates the cumbersome task of comparison shopping for dental supplies in an effort to create a knowledgeable consumer. The site retains complete and highly secure historical records that can be utilized for business reporting and facilitating future orders.
The company's next generation web site will provide value-added manufacturers and distributors with facilities to demonstrate their value through a unique net32 feature set.
For more information, contact: Thomas P. Cavanagh, President and CEO, net32, inc. at (919) 462-9844 or via e-mail at tom@net32.com.