Home Selling Platform Opendoor Seeks To Raise $200M

Homes

One month after home selling platform Knock raised $400 million in a Series B round, rival Opendoor is reportedly looking for $200 million in funding. The company, which filed documents in Delaware that mentioned a “Series E-2,” is looking for a valuation of $3.7 billion, according to reports.

It is reportedly unclear from the paperwork, which has a date of Feb. 8, if the funding would be via a secondary sale, outside round or a hybrid. In addition, reports noted that it is not known if the funding has, in fact, closed. A spokesperson for the company declined to comment and the company’s chief executive did not reply to a request for comment per reports.

As is stands, Opendoor notched $400 million in funding in September and $325 million in June. (And, per PitchBook the company had a post-money valuation of $2.47 billion September.)  The company counts SoftBank as a backer along with firms such as Andreessen Horowitz and Initialized, among others.

Opendoor was founded by Eric Wu, Ian Wong, Justin Ross and Keith Rabois. The company seeks to streamline the process of purchasing or selling a home. Owners sell their homes to Opendoor, which, in turn, helps buyers find the right home for them. Over 800,000 consumers reportedly toured the company’s homes last year.

Knock, an Opendoor rival, operates in such U.S markets as Atlanta, Raleigh-Durham and Dallas-Fort Worth. It has plans for more domestic expansion in the coming 12 months. The goal? Make the home buying-and-selling process come as close as it can to the “ease of trading in your car,” Knock CEO Sean Black told PYMNTS.com in a January interview. He compared the process to Uber.

Approximately 70 percent of people who sell their homes also look to buy new ones. And the process — at best — encompasses real estate brokers, inspectors and bank loans, among other paperwork-heavy and lengthy tasks. In theory, putting that process on a single web platform could remove some of that hassle.  The company offers personal assistance throughout the buying-and-selling process as well.