Diversified conglomerate Access Industries has led an $80m series C round for US-based property selling platform OpenDoor, the Wall Street Journal reported on Friday, citing people familiar with the matter.
The other investors in the round, closed in October 2015 at a $580m valuation, have not been disclosed.
Founded in March 2014 and launched in Phoenix, Arizona, in January 2015, OpenDoor buys properties from clients with a view to ‘flipping’ them at a later date, using its own software and data analysts to set prices.
The service is attractive to people needing to move quickly, rather than undergo the lengthier process required by selling a property through an estate agent, though OpenDoor does also charge a fee for the service.
OpenDoor initially raised $10m in series A funding from SV Angel and a host of angel investors in July 2014 before securing an additional $20m in a February 2015 round led by GGV Capital that included Khosla Ventures, Thrive Capital, Caffeinated Capital, Sherpa Ventures, Haystack Fund and the Mack Family.