image : Opendoor

Opendoor, a real estate startup that buys and sells residential real estate at quite faster rates than conventional methods, is raising an additional $200 million at a $3.7 billion valuation, according to TechCrunch, which cites filed papers in the state of Delaware. This comes after a $400 million investment in the company by Softbank in September. Opendoor has already raised $1 billion in total funding, according to Crunchbase data.

Opendoor was launched in 2014 by a team of entrepreneurs, including Khosla Ventures Senior Partner Keith Rabois, former Addepar VP JD Ross and former Trulia executive Eric Wu. The company currently has over 900 employees and says it expects to operate in 50 cities by 2020 end, up from a current 13.

Opendoor co-founder and executive chairman Keith Rabois Photo by Joe Corrigan/Getty Images for AOL

It made its first ever acquisition in September, snapping up Y Combinator alum Open Listings – an online real estate brokerage, focused on representing buyers. Shortly after that, it announced a $400 million round from the Softbank Vision Fund, whose other recent big bets include Nuro, OakNorth, WeWork, Tokopedia, View and ParkJockey. It’s also reported to be in talks to fund on-demand storage startup Clutter, Chinese used car trading platform Guazi, and logistics startup Flexport.

Other investors in Opendoor include home construction giant Lennar, Khosla Ventures, GGV Capital, Caffeinated Capital, Andreessen Horowitz, Google Ventures, Access Technology Ventures, Fifth  Wall, NEA and Lakestar. In addition to $1 billion equity financing, Opendoor had secured access to more than $2 billion in debt financing – as of September 2018 – to make purchases in a capital-intensive real estate market.

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