Next Billion-Dollar Startup Opendoor Raises Another $210 Million To Expand Its Homebuying Model

Forbes - Tech 

San Francisco-based Opendoor, which we profiled in the latest issue of the magazine (FORBES, Dec. 20), said today that it raised an additional $210 million in venture capital -- a move that likely pushes the company into unicorn territory. FORBES named Opendoor, which is working to upend the way that Americans buy and sell homes, to its 2016 list of next billion-dollar startups. The financing was led by Norwest Venture Partners, with participation from NEA and existing investors, including Khosla Ventures and GGV Capital. All told, the company has now raised $320 million in equity, plus more than $400 million in debt, to pull off its audacious bet that hundreds of thousands of homeowners will value the certainty of a sale over getting the highest price. Opendoor relies on a complex algorithm to bid for homes sight unseen, and it can then close on those deals in as little as three days.