DepotPoint Digs Up $7M, Goes After Foreclosure Market

7/7/08Follow @gthuang

In tough economic times, some see hardship while others see opportunity. Speaking of which—want a good deal on a house?

Bellevue, WA-based DepotPoint, a real-estate technology company specializing in the foreclosure market, announced today that it has closed a $7 million round of Series C funding. OVP Venture Partners led the round, and Trident Capital also participated.

Last month, DepotPoint launched a website that provides free access to the street addresses of some 1.2 million foreclosure properties in the United States. “We hope to change the way distressed properties are processed by creating new efficiencies in mortgage servicing and real estate transactions,” said DepotPoint CEO Prakash Kondepudi in a statement.

Gregory T. Huang is Xconomy's Deputy Editor, National IT Editor, and the Editor of Xconomy Boston. You can e-mail him at Follow @gthuang

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