Opendoor, a San Francisco-based online residential real estate marketplace, has announced it has raised a $325 million Series E round and has chosen Atlanta as the company's regional engineering and sales hub.
The funding round was co-led by General Atlantic, Access Technology Ventures and Lennar Corporation. The recent influx of cash brings the total equity raised by Opendoor to $645 million.
“We’re excited to partner with seasoned investors and industry leaders who share our vision for transforming the complex process of selling and buying homes into a seamless, elegant experience,” Eric Wu, CEO of Opendoor, said in a press release. “We’ve seen incredible growth in our markets as homeowners embrace the simplicity and certainty of buying and selling through Opendoor. As we enter our next phase of growth, we’re focused on continuing to transform the future of real estate, enabling anyone to buy, sell, or trade-in a home with the click of a button.”
With the new financing, Opendoor plans to expand from its current 10 markets to 50 by 2020, according to a company spokesperson, including expansion in Atlanta, Opendoor's fourth market to launch.
"Opendoor is making Atlanta their regional engineering and sales hub," a company spokesperson told Atlanta Inno on Wednesday. "Meaning that Opendoor's expansion in the southeast will be fueled and supported by the growing team based in Atlanta. With this additional round of funding, Opendoor will be able to continue to hire and build out a world-class team."
Opendoor currently employs a team of 60 in Atlanta and plans to move them to a new Atlanta office located at 84 Walton street this fall. The building was constructed in 1904 and as the original headquarters for the Georgia Railway and Power Company, according to a company spokesperson.
"Opendoor has plans to hire 20 engineers by the end of the year, with a goal of 150 employees in the Atlanta office by 2020," the spokesperson said. "In Phoenix and Dallas-Fort Worth, Opendoor has more than 150 employees in each of those regional flagship offices, and expect to scale to the same size in Atlanta."
With Opendoor's online marketplace, home owners can receive an online bid and sell their home instantly on the platform. Home buyers can visit, shop and purchase home on-demand.
According to the company, more than $2.5 billion in homes have been purchased annually, with more than 20,000 customers total. In addition to expanding to other markets, Opendoor hopes to scale its services to include mortgage and title, which will allow people to find a home and get it financed in one go.
