Everything seems to be coming up roses with OpenDoor. A recent new round of funding just added $325 to its stash in a Series E Funding round.
Big names such as Marc Andreessen and Ben Horowitz (super angel investors) Travis Kalanick (Uber’s founder), Jon Jaffe (president and CEO of Lennar homebuilders and partner in OpenDoor’s new Trade Up company) and several returning investors joined efforts and resources to fatten up OpenDoor’s valuation to $2B. Just like its business, OpenDoor’s pool of investors spans tech and real estate industries.
Eric Wu, CEO and founder, said “…OpenDoor is excited to partner with seasoned investors and industry leaders who share our vision for transforming the complex process of buying and selling homes into a seamless, elegant experience…OpenDoor has seen incredible growth in the market as homeowners embrace simplicity and certainty of buying and selling…in our next phase, OpenDoor is focused on continuing to transform the future of real estate, enabling anyone to buy, sell or trade-in their home with the click of a button.”
Importantly, OpenDoor intends to be a one-stop-buying-selling destination for housing consumers rather than later by adding both mortgage lending and title services to its offerings. Additionally, this true industry disruptor plans to expand its now 10 market areas throughout the country (Atlanta, Phoenix, Raleigh-Durham, Charlotte, Orlando, Dallas-Fort Worth, Nashville, Tampa, San Antonio, Las Vegas), to 50 markets by 2020.
OpenDoor reports that, cumulatively, some 200,000 buyers and sellers have transacted with the company since its launch in 2014. Thus far, the company has purchased $2.5B in home product, up 225% y/y.
Jon Jaffe with Lennar Homes summed up the spirit and goals of OpenDoor’s partners by saying, “We’ve spent the last year and a half working closely with the OpenDoor team to create the first one-of-a-kind “Trade Up” program to meet the needs of both the consumer and the builder. Our increased investment in this round is a reflection of our enthusiasm for the opportunities that lie ahead…which are incredibly exciting.”
