San Francisco-based real-estate startup, Opendoor, raises new investment round worth $400 million for its online platform.
The company provides a service via which customers looking to sell their homes can upload images and information to the platform, after which the company’s algorithms will be used to determine the homes value. The startup then offers the seller cash to buy the home, make adjustments to it and resell it, for a fee.
“Buying and selling real estate is a massive life disruption,” Eric Wu, CEO of Opendoor said, as reported by Bloomberg. “How do we make it so that when you find a home of your dreams, you can just click a button and everything is handled for you? That’s what we’re moving towards.”
The investment comes from Japan-based SoftBank Group via its $100 billion SoftBank Vision Fund. The fund has previously been used to invest in companies such as Uber.
Funds from the new investment will be use by the startup for geographical expansion plans as well as to further develop the company’s service. Since its founding in 2014, the startup has established a presence in 19 locations.
Previous investors in Opendoor include Access Technology Ventures, General Atlantic LLC and Lennar Corporation.
(Picture courtesy: https://www.bizjournals.com/)
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