HotPads.com Secures $2.3 Million in Financing
Search Engine to accelerate functionality development and expand neighborhood lifestyle categories
WASHINGTON, Apr. 17, 2007? HotPads.com, a real estate search and listing service, today announced the closing of $2.3 million in its second round of financing. The round was led by Meakem Becker Venture Capital (MBVC) who contributed $2 million to the deal. Alan Veeck and Dave Becker of MBVC will join the company?s Board of Directors.
HotPads has become a leader in housing search-technology with tens of thousands of active rental listings. Since its inception in 2005, HotPads has focused on using innovative technology to simplify the home rental search process, providing information on neighborhoods and cities throughout the U.S. Recently, HotPads launched an area mapping and demographic search; political party affiliation mapping; demographic and housing heat maps, and school and public transportation mapping.
?At HotPads we are focused on delivering the most comprehensive information for the best online experience possible to people in the market for a new rental property,? said Douglas Pope, co-founder and director of operations. ?With the influx of capital into our business, we will continue to expand our management team, increase our R&D efforts and aggressively market and grow the company.?
?At Meakem Becker we follow a disciplined investment strategy to help make early-stage companies successful,? said Alan Veeck, a Partner at MBVC. ?We invest in great people with compelling technology. We were immediately impressed with the founding team at HotPads and look forward to partnering with them to build HotPads into a long-term profitable business.?
About Meakem Becker Venture Capital
Meakem Becker Venture Capital is a traditional venture capital firm that invests in a wide range of early-stage technology companies with strong growth potential led by excellent management teams. The company?s goal is to help build leading, next-generation companies of significant value. Based in Sewickley, Penn., the firm is staffed with experienced entrepreneurs, operators, and investors who advise, coach and mentor portfolio companies.
HotPads.com launched its map-based rental housing search and listing service in November of 2005. Since its launch, HotPads has become one of the fastest growing active listings services on the Web. Founded by three Notre Dame entrepreneurs, HotPads' goal is to simplify the process of rental housing search with superior technology and services.