Opendoor is the nation's fastest-growing online real estate marketplace that's simplifying the way people buy and sell homes. It is the operator of a technology-enabled residential real estate company.
Opendoor provides a platform enabling users to sell and purchase their homes online. The company has developed a proprietary valuation tool enabling it to make offers to home sellers within hours, provided the properties fall within a range of criteria.
Opendoor was co-founded in 2014 by Eric Wu, Ian Wong, Justin Ross and Keith Rabois. The company is headquartered in San Francisco, California. Opendoor currently operates in twenty cities, including Atlanta, Austin, Charlotte, Dallas-Fort Worth, Denver etc.
Opendoor's mission is to empower everyone with the freedom to move. The company buys the homes directly and renovates them for buyers, who in turn can purchase the homes from the company's platform, which also operates as a listing service.
Opendoor has partnered with Redfin for customer outreach through an iBuying model. The company recently surpassed 50,000 home transactions and announced plans to launch into three new markets--Boise, Salt Lake City and St. Louis--by early 2020.
Opendoor uses the iBuying business model. A homeowner who wants to sell their house can register on the company's website. It has its own pricing algorithm, generated by using private and public data to offer a price to the seller.
Opendoor has raised $1.3 billion in equity and $3 billion in debt financing from investors including Khosla Ventures, GV Capital, Access Technology Ventures, General Atlantic and SV Angel. In 2018, SoftBank invested $400 million for a minority equity stake in the company.
Opendoor is valued at $3.8B as of 2019. The company has also acquired Open Listings, OS National and others. Opendoor has been recognized as the most innovative company in real estate by Inman, the industry's leading source of real estate information, for the past three years.