DepotPoint Inc., a Bellevue, Wash.-based provider of technologies and services for the real estate market, including the foreclosure market, has secured $7 million of additional equity capital. The round was led by OVP Venture Partners, with participation from previous investor Trident Capital.
‘DepotPoint's tools will significantly streamline the foreclosure process for banks and mortgage servicers,’ states Mark Ashida, managing director at OVP Venture Partners. ‘Additionally, ForeclosurePoint.com, their foreclosure marketplace, will truly change the game, enabling brokers and others to buy and sell foreclosure properties more easily. OVP is a believer in the SaaS model, and DepotPoint is a prime example of the immediate value the enterprise customer can see from such an approach.’
Ashida will join DepotPoint's board of directors. DepotPoint says it will use the additional capital to support broader adoption of its solutions for the mortgage servicing market.