Thursday, February 4, 2016

Opendoor Launches Home Marketplace In Dallas

Online real estate marketplace Opendoor said this morning that it is launching into the Dallas-Fort Worth area, the company's second market in the nation to gain access to its marketplace. The startup, which recently raised $80M in a Series C funding, had previously only been available in Phoenix, Arizona. Opendoor--which is based in San Francisco--is attempting to help local homeowners to instantly sell their home online, giving homeowners an "instant offer" for their property. The company's co-founders include Eric Wu and former PayPal/LinkedIn/Square executive and investor Keith Rabois. Opendoor's backers include Khosla Ventures, Access Venture Partners, GGV Capital, SVB Capital, and others. The company says it uses information--such as a home's characteristics, location data, local market, and more--to make offers on those homes. Opendoor cited the Dallas area's big demand for housing, large influx of jobs, a strong economy, and home prices for its decision to expand into the city. Photo of the company's founders, courtesy Opendoor.