Opendoor plots 40-market expansion

The announcement follows a $325m funding round

By Francis Monfort

14 Jun 2018

Online real estate marketplace Opendoor has unveiled plans to ramp up the expansion of its services through 2020 to reach 50 markets from the 10 in which it operates today.

The company also announced plans to scale its suite of services, such as mortgage and title. The expansion seeks to offer a single experience through which people can search, discover, visit, obtain financing, offer, and close on a home.

The announcement follows the close of the company’s $325 million series E funding round. General Atlantic, Access Technology Ventures, and US homebuilder Lennar co-led the round, which saw additional participation from new investors Andreessen Horowitz, Coatue Management, 10100 Fund, and Invitation Homes. Existing investors Norwest Venture Partners, Lakestar, GGV Capital, NEA, and Khosla Ventures also participated in the round.

“We’re excited to partner with seasoned investors and industry leaders who share our vision for transforming the complex process of selling and buying homes into a seamless, elegant experience,” Opendoor CEO Eric Wu said. “We’ve seen incredible growth in our markets as homeowners embrace the simplicity and certainty of buying and selling through Opendoor. As we enter our next phase of growth, we’re focused on continuing to transform the future of real estate, enabling anyone to buy, sell, or trade-in a home with the click of a button.”

Opendoor latest’s funding round brings its total equity raised to $645 million. The company has also raised $1.5 billion in debt financing alongside the equity capital.