House Buy-Selling Platform Opendoor Looking To Raise $200 Million

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Opendoor

Opendoor, the home-selling company based out of California is seeking a fresh $200 million in investment. The details of the same have come out after the firm has filed papers in Delaware. As per the details, when the company is looking to raise the capital at a valuation of $3.7 billion.

As per the details, the company filed the documents on 8th of February and is seeking the funds as part of “Series E-2" funding. Interestingly, there is no clarity through the reports as in if the round has been already closed or not and from where the money is going to come.

The platform was launched in 2014 by Eric Wu, Ian Wong, Justin Ross, and Keith Rabois and had raised over $1 billion in funding. The notable backers of the firm include names like SoftBank Vision Fund, GGV Capital, Invitation Homes, Norwest Venture Partners, Caffeinated Capital, NEA, Andreessen Horowitz, Lennar Corporation, 10100 Fund, and others. The last investment for the firm came in September last when it picked up $400 million from Japanese conglomerate SoftBank.

The firm aims to remove the hassle of buying and selling houses and it also claims to be curbing the bypass real estate agents and broker’s factor as well. The company offers its services through a mobile app and offers personal assistance as well in the buying-selling process.

Interestingly, Knock, the Atlanta-based competitor had just raised $400 million in Series B financing that was led by Foundry Group. The fresh capital would mean that Opendoor will continue to lead the segment in the country.

 

Image Courtesy : pymnts

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