Opendoor raises $325 million and plans nationwide expansion. Direct homebuyer plots expansion into 50 markets by 2020
Opendoor, an online marketplace that buys homes directly from homeowners, announced Wednesday that it secured $325 million in new funding and is planning a nationwide expansion of its homebuying platform.
Opendoor buys homes directly from sellers, makes the necessary repairs and improvements, then turns around and sell the houses on its own marketplace.
Opendoor’s $325 million Series E funding round comes just 18 months after the company raised $210 million in its Series D round of funding.
Since then, the company expanded into new markets and launched a foray into mortgages as well.
Opendoor first began buying and selling houses in Phoenix and Dallas-Fort Worth in 2014, and is now operating in 10 markets, including Atlanta, Charlotte, Dallas-Fort Worth, Las Vegas, Nashville, Orlando, Phoenix, Raleigh-Durham, Tampa, and San Antonio.