The iBuyer is leading the pack of a new breed of real estate tech companies leveraging technology to purchase homes directly from sellers and seeks to expand from its current six markets to “more than a dozen,” according to the report. Right now, Opendoor operates in the Phoenix, Dallas-Fort Worth, Las Vegas, Atlanta, Orlando and Raleigh-Durham metro areas.
Opendoor didn’t immediately respond to request for comment from Inman.
Fifth Wall Ventures, a venture capital firm backed by real estate companies, led an equity investment of $35 million. Home construction company Lennar provided $100 million in debt.
“Trading in a car is second nature to Americans, but no one thinks about that relative to a home,” Lennar Chief Operating Officer Jon Jaffe told Bloomberg. “What we’ve found is that the customers love it. It’s something that they didn’t think about as a possibility because it didn’t exist before.”
Opendoor has already raised $320 million in funding and $700 million in debt.
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