OpenDoor is unique in that it owns its own inventory of homes. While the predictive analytics the company employs to project home resale value are complicated, the experience for buyers and sellers is fairly streamlined. With the new capital, the startup is looking to expand the usage of its marketplace platform for buying and selling real estate to 10 cities.
If you opt to sell your property on OpenDoor, you will be given a valuation from the startup. Once you accept it, OpenDoor pays you for your home and effectively “flips” the real estate, seeking to sell it for a profit. To entice buyers, OpenDoor allows for self-guided property tours at any time, made possible by smart locks and security cameras. If you buy a house from OpenDoor, you also receive a 180-point inspection, warranty and 30-day money-back guarantee. This time last year, the company raised an $80 million Series C. Across all rounds, OpenDoor has now raised a cumulative $320 million. It’s very likely that OpenDoor now holds a valuation that exceeds the $1 billion unicorn threshold.
