Home-selling start-up Opendoor has raised $325m from investors to expand from 10 markets to 50 by the end of 2020. The company aims to harness technology to make the process of buying and selling homes instantaneous. Opendoor allows potential buyers to access homes seven days a week with a personal code generated by the app, while it prices homes using a transparent data set. Opendoor currently buys more than $2.5bn in homes on an annual run rate. In addition to its home lending platform, which is available for both residential and commercial properties, Opendoor also offers mortgage insurance, property management services, asset protection products and other services. The company enables potential customers to check out a home by opening it with the app seven days a week. Meanwhile, rivals Knock and OfferPad are raising capital with similar ambitions.
Home-selling start-up Opendoor has raised $325m from investors to expand from 10 markets to 50 by the end of 2020. The company aims to harness technology to make the process of buying and selling homes instantaneous. Opendoor allows potential buyers to access homes seven days a week with a personal code generated by the app, while it prices homes using a transparent data set. Opendoor currently buys more than $2.5bn in homes on an annual run rate. In addition to its home lending platform, which is available for both residential and commercial properties, Opendoor also offers mortgage insurance, property management services, asset protection products and other services. Meanwhile, rivals Knock and OfferPad are raising capital with similar ambitions.