Opendoor Announces $400 Million Investment
Online real estate marketplace Opendoor—whose goal is to simplify the way people buy and sell homes—received a $400 million investment from the SoftBank Vision Fund. The company also secured access to more than $2 billion in debt financing from top banks. SoftBank Investment Advisers’ Jeffrey Housenbold will join the Opendoor board of directors.
Since its founding in 2014, Opendoor strives to reinvent traditional home buying and selling to make it online, instant, and stress-free. According to the company, rather than deal with the traditional home buying process that can take up to 90 days and have a 10 percent chance of falling through, Opendoor customers receive an online offer within 24 hours and sell with complete control and flexibility. Opendoor enables customers to visit, shop, and purchase homes seven days a week from their mobile phone. For trade-in customers, Opendoor strives to replace the process of managing two separate transactions—and risk of a double move—with one seamless experience.