Opendoor, the Online Marketplace to Instantly Sell Your Home Secures $20 Million in Series B Financing to Accelerate Expansion into New Markets

Phoenix, AZ market continues to validate customer adoption of a quicker, easier way to sell a home

SAN FRANCISCO--()--Opendoor, the service that allows homeowners to instantly sell their home online, has raised $20 million in their latest round of funding. This brings their combined raise to $30 million. GGV Capital led the round with Khosla Ventures, a prior investor, also participating. Glenn Solomon, a managing partner at GGV Capital, who has led investments in Square, Pandora, Zendesk and SuccessFactors, will join the Opendoor board of directors.

"Opendoor epitomizes what we look for at GGV: a great team going after a big market with a unique approach. The team has made incredible progress since the company’s founding, applying technology and a new approach to transform the frustrating home selling process to one that’s simple, certain and fast," stated Solomon.

The company has reached several milestones including building the best home valuation model, which allows them to accurately predict the closing price of residential real estate. Opendoor is currently purchasing at least a home each day in Phoenix, its first market, as consumer adoption and demand accelerates for its instant online sales process. The capital comes as the company prepares to expand into Portland, Ore. and Dallas, Texas.

"Less than a year ago, we set out to change the real estate transaction process by providing homeowners with an instant offer and an online experience to greatly simplify their move,” said Eric Wu, CEO of Opendoor. “The adoption we've seen from customers gives us confidence that we’re on the right track.”

According to Realtor.com, the average home sits on the market for 103 days and a significant number of transactions fall through before closing. In the Phoenix area alone, nearly 25 percent of real estate listings are cancelled or expire after remaining on the market past 90 days.

"We're removing all the friction to sell a home, redefining how people view their largest and most illiquid asset," says Keith Rabois, Opendoor co-founder.

Homeowners simply enter their address online, submit some basic information, and Opendoor provides a real offer to buy their home within minutes. An Opendoor offer moves nearly the entire transaction online and allows the homeowner to close and receive funding in as little as three days.

"Dominic and Melissa Santos, one of our early customers, were on the cusp of leaving for their honeymoon but needed to sell their home first. They decided to use Opendoor and we handled the rest, allowing the couple to go on their trip stress-free,” explains Wu. “These are the types of opportunities we want to continue to create as more homeowners use our service.”

About Opendoor

Opendoor makes it possible to sell a home online in minutes, removing all of the headache, uncertainty and risk from the transaction. Opendoor is headquartered in San Francisco, Calif. and has received a total of $30 million in funding from Khosla Ventures and GGV Capital, along with a large group of angel investors. For more information, please visit www.opendoor.com.

About GGV Capital

GGV Capital is a venture capital firm founded in 2000 with the unique idea to have one team investing in both China and the US. With $2.2 billion under management across 5 funds, the GGV portfolio includes Alibaba, Buddy Media, Didi Taxi, Domo, Flipboard, HotelTonight, Houzz, Misfit, Pandora Media, Quixey, SoundCloud, Square, SuccessFactors, Wish, and Zendesk. www.ggvc.com | Twitter: @GGVCapital | WeChat: GGVCapital

Full List of Investors:

Series B Investors

GGV Capital, Lead investor

Khosla Ventures

Josh Kushner - Thrive Capital

Kevin Systrom - Co-founder, Instagram

Ray Tonsing - Caffeinated Capital

Resolute Ventures

Semil Shah - Haystack Fund

Sherpa Ventures

Solomon Mack Capital

Series A Investors

Khosla Ventures, Lead Investor

Aaron Levie - Co-founder/CEO, Box

Adam D’Angelo - Co-founder/CEO, Quora

Adam Nash - Co-founder/CEO, Wealthfront

Aydin Senkut - Felicis Ventures

Charlie Cheever - Co-founder, Quora

Dan Rose - Vice President, Facebook

Dave Morin - Co-founder, Path

David King - Co-founder/CEO, Blippy

David Sacks - Co-founder, Yammer

Elad Gil - Co-founder/CEO, Color Genomics

Gideon Yu - Former CFO, YouTube and Facebook

Harjeet Taggar, Garry Tan and Alexis Ohanian - Initialized Capital

Jawed Karim - Co-founder, YouTube

Jeremy Stoppelman - Co-founder/CEO, Yelp

Joe Greenstein - Co-founder, Flixster

John Hering - Co-founder, Lookout

Josh Kushner - Thrive Capital

Kevin Hartz - Co-founder/CEO, Eventbrite

Logan Green - Co-founder/CEO, Lyft

Max Levchin - Co-founder, PayPal

Michael Arrington - Crunchfund

Mike Greenfield - Angel investor

Mike Hirshland - Resolute Ventures

Naval Ravikant - Co-founder/CEO, Angelist

Om Malik - True Ventures

Ray Tonsing - Caffeinated Capital

Sam Altman - President, YCombinator

SV Angel

Contacts

Opendoor
Erica Ford, 415-896-6737
press@opendoor.com

Release Summary

Opendoor, the Online Marketplace To Instantly Sell Your Home Secures $20 Million in Series B Financing to Accelerate Expansion into New Markets

Contacts

Opendoor
Erica Ford, 415-896-6737
press@opendoor.com