Congratulations Opendoor on $325M Series E Financing

I’m excited by today’s news of Opendoor’s $325M Series E financing.  The round was co-led by new investor General Atlantic, Access Technology Ventures and Lennar Corporation, the largest homebuilder in the US.  GGV participated in the Series E, along with several other new and existing investors.

Having led Opendoor’s Series B round in early ’15 and served on the company’s board since then, its been an honor and privilege to watch from the front row as the company has grown phenomenally over the past three and one half years.  With this announcement, Opendoor has now raised over $600M in equity (from under $10M prior to our Series B), garnered access to $1.5Bn in debt financing (from less than $20M when GGV first invested), and Opendoor is now operating in 10 markets, having grown from its sole location in Phoenix in early ’15 when GGV first got involved.

As excited as I am with the progress Eric Wu, co-founder/ CEO, and his team have made, I’m even more eager to see what comes next.  The company is now transacting over $2.5B homes on an annualized basis with over 50% of sellers who receive an offer from Opendoor electing to work with the company.  Making home transacting instant, online and stress free is clearly striking a cord with homeowners across the US, and Opendoor has really just begun to reshape the market.  The future is bright!

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