OpenDoor pulls in $210m for ‘home-flipping’ platform

Online real estate platform OpenDoor has pulled in $210m in its Series D round to expand its home-flipping service to 10 cities around the US.

Norwest Venture Partners led the round for the California-based company with NEA, Khosla Ventures, GGV Capital, Access Industries, FifthWall, Lakestar, SVB Capital, Caffeinated Capital and Felicis Ventures all participating.

OpenDoor’s platform is designed to let homeowners quickly sell their home by entering a few details with the startup’s technology generating a valuation in minutes based on data from private and public sources.

It then aims to sell the homes for a profit offering buyers advantages such as 30-day satisfaction guarantee, certified 180-point inspection and a 2-year, extended coverage warranty.

The company also utilises smart home technology such as connected locks and security cameras to allow potential buyers to access the home and take self-guided tours at any time.

OpenDoor currently operates around the Dallas Fort-Worth and Phoenix real estate markets with Las Vegas next on its roadmap.

These locations reportedly bring in $60m in transactional volumes for the firm each month.

The round brings the company’s total funding to $320m and it’s thought that it is now valued at more than $1bn.

Aside from this venture funding OpenDoor has also received ‘hundreds of millions’ of dollars in debt that is uses to acquire the homes.

Copyright © 2016 FINTECH GLOBAL

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