Opendoor Closes on $210 Million Funding

 

SAN FRANCISCO — Opendoor, a San Francisco company offering a home buying service in Dallas and Phoenix, has closed a $210 million Series D funding round led by Jeff Crowe at Norwest Venture Partners with participation from NEA and existing investors.

Opendoor will use the capital to expand on its mission of simplifying the home buying and selling process and scale the service to 10 cities in 2017. Currently operating in Phoenix and Dallas Fort-Worth, the company is transacting over $60 million in home volume each month and has served over 4000 homeowners since launching two years ago.

The company has now raised over $320 million to date. Other investors participating include Khosla Ventures, GGV Capital, Access Industries, Fifth Wall, Lakestar, SVB Capital, Caffeinated Capital, and Felicis Ventures.

Opendoor redefines the home selling and buying experience, transforming a painful, lengthy process into a frictionless experience for customers. For sellers, Opendoor offers a simple, near-instant online sale, allowing homeowners to close on their timeline and skip repairs, open houses and months of uncertainty.

Patricia Smith was dreading the traditional home sale process and recently used Opendoor to sell her three bedroom house in Mesa, AZ. “I was scared it would take months to sell. Three couples I know sold their homes through Opendoor but it sounded too good to be true. I was so impressed with how transparent Opendoor was about the process. It went very smoothly.”

For buyers, Opendoor offers a completely different home shopping experience, featuring on-demand open houses and a seamless purchase process. With a few taps, buyers can access hundreds of homes, find the ones that match their criteria, and have their own personal open house by taking advantage of Opendoor’s 7 days a week, all day open houses. Every Opendoor home includes a 2-year home warranty and a 30-day money back guarantee, delivering peace of mind to buyers.

Dallas home buyer Austin Philips used Opendoor to find his dream home for his growing family. “Opendoor gave me the huge advantage of seeing homes on my time. I have two little kids and they often have us living on a different schedule. With Opendoor, I could go see homes whenever we had a break. Now, I honestly can’t imagine the home buying process being any other way.”