Skip to main content

Opendoor raising $200 million at $2 billion valuation: report


The white hot iBuyer startup Opendoor, which lets prospective home sellers offload their properties quickly and entirely online for a guaranteed price derived by an algorithm, is in the process of raising $200 million in a funding round that would value the company at $2 billion, according to a report in The Wall Street Journal.

Opendoor has already raised at least $320 million in funding since its founding in 2014, and recently brought on $100 million in debt financing in January. The debt financing from the homebuilder Lennar was connected to an earlier capital raise of $135 million in part facilitated by the real estate tech-focused venture capital firm Fifth Wall Ventures.

People familiar with this ongoing round of talks told The Wall Street Journal that Opendoor would use this influx of $200 million to up its purchases of homes in the six areas it operates–Phoenix, Dallas-Ft. Worth, Las Vegas, Atlanta, Orlando, and Raleigh-Durham–and to expand into new markets.

Earlier this month, Opendoor posted job listings in Charlotte, Minneapolis and Nashville, suggesting upcoming expansions into those markets. Sources told The Wall Street Journal that Opendoor was “on the cusp of moving into” Charlotte and San Antonio, Texas.

Opendoor at one point pledged to expand to 10 new markets in 2017 and nationally in 2018 but has so far fallen short of those goals.

Sources close to the company have previously told Inman it would likely be a while longer before Opendoor attempts to expand any of its homebuying or selling operations to coastal metropolises like San Francisco, where it is based, or New York, where housing is more dense and the regulations potentially more complex.

5 tips to generate more appointments, now!

Tom Ferry’s rules for exponential growth READ MORE

Opendoor buys homes from sellers who are drawn to the appeal of a fast transaction and guaranteed sale. Opendoor then resells those houses on its website.

Reached by Inman, an Opendoor spokesperson declined to comment on or confirm the report in The Wall Street Journal.

Developing…

Email Emma Hinchliffe


Opendoor raising $200 million at $2 billion valuation: report curated from Inman

Comments

Post a Comment

Popular posts from this blog

The Ultimate Guide To Family Law

Introduction The government has always had a fascination with families and the contract of marriage. State legislatures have passed many laws regulating the requirements for getting married and for obtaining a divorce. In addition, today’s laws also affect couples who live together outside of marriage. It is hard to give simple answers to many of the legal questions that a person may have about marriage, parenthood, separation, or divorce because the laws change and vary from one state to another. In addition, judges in different states with identical laws may decide cases with similar facts in different ways. This article describes the laws and court rulings common to most states. If you have other questions, please contact a lawyer in your state. You may also wish to contact a specialist. Many lawyers (particularly in urban areas) work only on family law or make it a large part of their general practice. Lawyers specializing in family law also may refer to themselves as specialist...
Post a Comment
Read more

When And How To Use a Lawyer

Introduction Almost everything we dofrom making a purchase to driving a car, to interacting with others is affected by the law in some way, shape or form. While it often seems hard to live with the law, it would surely be harder to live without it. In our country, the law is, in a real sense, the people’s law. It is part of the democratic heritage of Americans. The availability of the law does, however, reveal a bewildering variety of choices. When do you need a lawyer? When can (or should) you handle a matter on your own? The purpose of this chapter is to help you make the best choices. There are many legal situations that you can and should handle on your own, without the assistance of a lawyer. However, when circumstances and laws are unique, complicated, or confusing, you may need a lawyer’s guidance. You also may need a lawyer’s services when you are so close to a problem that you are unable to see your way through to a proper solution. While this chapter does not examine spec...
Post a Comment
Read more

The 20 best real estate memes of 2018

All real estate agents have experienced the stress of making cold calls, organizing open houses, managing overly-demanding clients, conducting negotiations and clawing through closing day. All of these situations can bring even the most seasoned agents to the edge, so taking a little time to laugh (even if it’s just to keep from crying) is a surefire way to relieve stress and remind yourself that you’re not the only one struggling to keep the sellers away during the inspection. Take a look at the 20 best real estate memes we saw this year, and keep one or two on hand when your buyer asks if they can cut your commission.     Photo credit: @REprobz   What the luxury customer will demand in 2019 Prepare for the coming year in real estate with these tips from leading experts READ MORE   Photo credit: @rashelyadegari_loanofficer     Photo credit: @danshearealtor     Photo credit: @cbkg_realestate     Photo c...
Post a Comment
Read more