Opendoor Grabs $80M in Series C
SAN FRANCISCO, CO, Online marketplace for real estate has raised $80 million in Series C funding.
Opendoor, the online marketplace for real estate, today launched in Dallas-Fort Worth, enabling local homeowners to instantly sell their home online. The company has raised $80 million in Series C funding by Khosla Ventures, Access Venture Partners, GGV Capital, SVB Capital, and prior investors, to support their launch in Dallas-Fort Worth and expand into other markets.
'A house is a family's largest asset, yet the most difficult to buy and sell,' says Keith Rabois, Opendoor co-founder and former executive at Paypal, LinkedIn and Square. 'We are giving homeowners instant access to the equity in their most illiquid investment.'
Opendoor Redefines the Home Shopping and Selling Experience
Opendoor redefines how real estate is transacted, transforming a more-than-two month process into an instant and frictionless experience. Instead of dealing with the hassle of listing and showings, upfront costs and repairs, negotiating with multiple parties, and the risk of the home not closing, homeowners can visit Opendoor.com, receive a guaranteed Opendoor offer and complete their sale in a few clicks.
'The current transaction process is broken and causes months of stress and headache for buyers and sellers,' says Eric Wu, co-founder and CEO of Opendoor. 'We work with thousands of homeowners, monthly and every day, and we hear how we've removed the pain, stress and complexity from moving.'
In order to streamline the home-selling experience, Opendoor has made significant investment in its home pricing model and built a product that automates the transaction online. For each offer, Opendoor incorporates more than 150 factors including the home characteristics, location data and local market appreciation and risk.
For homebuyers, the buying process is equally simple. For showings, buyers are able to visit homes themselves - 24 hours a day, seven days a week. With just their mobile device, buyers are granted access to the home to tour at their leisure, on their schedule. For purchasing, buyers can submit an offer and complete the transaction online from their phone, tablet or mobile device. Opendoor's innovative way to connect home buyers and sellers reflects how real estate is done today: 92 percent of buyers find their home online, according to a recent survey by the National Association of Realtors.
'We've removed the friction from every step of the transaction,' says JD Ross, co-founder and Head of Product. 'Our mission is to give families the certainty and stress-free experience they deserve as they make life's largest financial decision.'
With its large influx of jobs increasing the demand for housing, Dallas is proving ideal for Opendoor. The market, with nearly 5 million people in the metropolitan area, boasts a strong economy and a median home price of $233,000, which is near the national average.
The company employs people in its San Francisco, Phoenix and Dallas offices. Opendoor was recently recognized by Inman as the most innovative real estate company.
Total financing now more than $110 million
On top of launching in more markets, the additional funding round will allow Opendoor to add staff to their data science, product engineering, and operations teams. Opendoor is opening an office and hiring a local team for Dallas-Fort Worth. The latest round brings the company's total financing to more than $110 million.
'Opendoor's technology addresses a $1.5 trillion market opportunity that has been antiquated for decades,' explained Pueo Keffer, Managing Director at Access Industries. 'Their product experience, along with their management team, has the potential to transform residential real estate.'
Opendoor, the online marketplace for homes, removes all of the headache, uncertainty and risk from buying and selling real estate. Headquartered in San Francisco, Calif., Opendoor was founded in March 2014 by Keith Rabois, an investment partner at Khosla Ventures, and CEO Eric Wu. For more information, please visit www.opendoor.com
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