Opendoor
FOUNDING YEAR: 2014
LOCATION: United States
Last Update: 01/05/2020
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MEDICI Analysis
Opendoor offers an online platform which buys the home from customers without the hassle of finding a buyer. The sellers have to provide some information regarding their homes and they instantaneously receive an offer based on comparative market analysis. A home inspection is later done for verification purpose and to decide on the final price. The company recommended repairs can be carried out by the owners or the company, depending upon the agreed contract. The seller receives the proceeds from their homes sale based on the chosen closing date, which is usually much shorter than the average amount of days it takes to sell a property. Recently, Opendoor was named in the 2019 Forbes FinTech 50 startups list.
Focus
PRODUCTS & SERVICES
The online platform of Opendoor helps sellers to receive an offer without listing or showing their home and buyers to browse for homes on sale and instantly unlock them using the company's application, enabling customers to buy and sell properties in a hassle-free way.
EXISTING PARTNERSHIPS
Movement Mortgage
VIP Mortgage
Traction
VALUATION / MARKET CAP:
$3.8 B in 2019
VALUATION COMMENT:
After the latest funding round, the company's valuation is at $3.8 billion. (Mar. 2019)
ACTIVE USERS COMMENT:
The company has 36k customers to date. (Mar. 2019)
TRACTION COMMENT:
In 2018, the annual acquisition run rate was $3.8 billion and more than 800,000 people toured Opendoor homes. Also, the company plans to expand services across the nation by the end of 2020. (Feb. 2019)
People
FOUNDERS
Eric Wu (CEO)
Ian Wong (CTO)
NUMBER OF EMPLOYEES
1000+
INVESTORS:
KEY EMPLOYEES:
Jason Child (CFO)
Gautam Gupta (COO)
Momentum
FUNDED
YES
NUMBER OF FUNDING ROUNDS
6
TOTAL FUNDING
$1.35 B
DATE OF LAST FUNDING
Mar 2019
TOTAL FUNDING COMMENT
The company will use its funds for product development as well as to continue expanding to more markets in North America. (Mar. 2019)
FUNDING SERIES
SERIES A · $10.1 M · Jul 2014
SERIES B · $20.6 M · Feb 2015
SERIES C · $80 M · Oct 2015
SERIES D · $210 M · Nov 2016
SERIES E · $325 M · Jun 2018
SERIES F · $700 M · Mar 2019
LISTED
NO
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