Online real estate platform Opendoor has closed a $136m investment led by Fifth Wall and Lennar.
A significant portion of the funding also came from funds managed by Rialto Capital Management.
US-based Opendoor is a retail platform that helps home sellers and buyers to simplify the real estate experience. The platform lets sellers to get a valuation for their home after supplying various details about the property online and then through a home assessment. Once a seller receives a quote they can sell it to Opendoor.
In a blog post, Fifth Wall co-founder and managing partner Brad Greiwe said, ?The Opendoor investment is not only smart market economics for Lennar, but allows them to more deeply understand their consumers????using Opendoor data to drive insights on emerging cities and communities of interest, as well as home style, size preferences, etc.
?The partnership also allows existing Lennar homeowners to leverage the Opendoor platform as they look to move into a new home.p>
This investment follows Opendoor $210m Series D round it raised at the end of 2016. The funding was led by Norwest Venture Partners and saw participation from a selection of other investors including NEA, Kholsa Ventures, GGV Capital and Access Industries, among others.
Fifth Wall has already made a FinTech investment this year, with the firm co-leading the $25m Series B round of home insurance platform Hippo. The Californian company provides consumers with the ability to get a quote and purchase a policy within 60 seconds.
Last year, the firm made an undisclosed investment in to London-based online marketplace Appear Here. The contribution saw the firm also form a strategic partnership with Appear Here.
The global PropTech space had a sudden surge in funding at the end of last year, with Q4 raising double the capital of the previous three quarters combined. The initial three quarters saw $1.1bn deployed through 60 transactions, while Q4 had $2.3bn injected across just 16 deals.
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