RealTime IT News

HomeSpace Locks Down $30 Million in Financing

HomeSpace Inc. Monday completed its second round of financing totaling $30 million.

A leading online provider of mortgage, real estate and home services, HomeSpace secured the majority of the funding from Pequot Capital Management and Moore Capital. Existing investors include Global Retail Partners and Oak Investment Partners, who increased their offerings in this round.

Terms of the deal were not disclosed.

HomeSpace offers consumers real estate brokerage services to buy or sell a home, a full line of mortgage products and a range of home services such as moving and insurance, all at below-retail prices and with high service levels.

The proceeds of the financing will be used to develop its Web site and to fund the company's growth. Plans include expanding the company's exclusive relationship with Costco, penetrating its growing base of affinity and corporate clients, and continuing to broaden its home services offerings.

"The company has extensive experience in mortgage origination and real estate services, and has already developed important strategic relationships such as Costco Wholesale," said Gerald Poch, a principal of Pequot Capital Management.

"The company has identified a significant under-served market where consumers can use the HomeSpace site as a one-stop shop for important home related transactions."