US-based online real estate marketplace Opendoor raised $325m in a series E round yesterday co-led by home builder Lennar, conglomerate Access Industries and venture capital firm General Atlantic.
Property manager Invitation Homes also participated in the round, as did Andreessen Horowitz, Coatue Management, 10100 Fund, Norwest Venture Partners, Lakestar, GGV Capital, New Enterprise Associates (NEA) and Khosla Ventures.
Access Industries took part through its investment arm Access Technology Ventures.
Founded in 2014, Opendoor has created an online real estate platform for owners to sell their property. The platform offers help with valuation, and once fees have been agreed its staff conduct an assessment of the property to ascertain whether any work is required.
The money will go towards an expansion into additional markets from a current 10 to 50 by the end of 2020. The company will also expand and scale adjacent services such as mortgages.
Opendoor has now raised $645m in equity funding and $1.5bn in debt financing.
Lennar previously supplied $100m in debt financing, while Fifth Wall Ventures, a venture capital firm that counts Lennar as one of its anchor investors, injected $35m in funding in January 2018.
Access Technology Ventures contributed to a $210m series D round in 2016 alongside GV, the early-stage investment unit of diversified conglomerate Alphabet, Norwest Venture Partners, NEA, Khosla, Fifth Wall, Lakestar and GGV Capital, according to Opendoor’s latest release.
The list of series D investors differs from the one originally reported, with SVC Capital, Caffeinated Capital and Felicis Ventures named at the time. GV’s involvement was not revealed in 2016.
Access had also led a $80m series C round in 2015. Opendoor’s earlier backers include SV Angel, Thrive Capital, Sherpa Ventures, Haystack Fund and the Mack Family.