US-based property selling platform OpenDoor yesterday received $210m in series D capital from investors including diversified conglomerate Access Industries, according to TechCrunch.
The round was led by Norwest Venture Partners, a VC firm managing funds for financial services firm Wells Fargo, with participation from New Enterprise Associates (NEA), Khosla Ventures, GGV Capital, FifthWall, Lakestar, SVC Capital, Caffeinated Capital and Felicis Ventures.
Established in 2014, OpenDoor flips properties on its platform, meaning it purchases them from clients and resells them at a later date for a profit by relying on proprietary software and data analysts to set prices.
Prospective buyers can book self-guided property tours, gaining access through smart locks and security cameras. OpenDoor also provides thorough inspection services, warranty and a 30-day money-back guarantee.
The funding will support an expansion across the US, with OpenDoor aiming to establish a presence in 10 cities.
The company has now raised a total of $320m in capital. Access Industries previously led an $80m series C round in October 2015, though other backers in that round have not been revealed.
GGV Capital led a $20m series B round in February 2015, with participation from Khosla, Thrive Capital, Caffeinated Capital, Sherpa Ventures, Haystack Fund and the Mack Family. In 2014, SV Angel and assorted angel investors provided $10m in series A funding.
OpenDoor also holds “hundreds of millions” of dollars of debt financing, according to a statement from Norwest, which it uses to purchase properties. However, further details about that debt have not been disclosed.