San Francisco – June 26, 2018 – Cooley advised online real estate marketplace Opendoor on the closing of its $325 million Series E financing. The round was co-led by General Atlantic, Access Technology Ventures and Lennar Corporation. Cooley partners Peter Werner and Jodie Bourdet led the team advising Opendoor.
The round also included participation from new investors Andreessen Horowitz, Coatue Management, 10100 Fund and Invitation Homes, along with existing investors Norwest Venture Partners, Lakestar, GGV Capital, NEA and Khosla Ventures.
With this new round of financing, which brings the company’s total equity raised to $645 million, Opendoor plans to rapidly expand its service to additional markets, growing from 10 to 50 operational markets by the end of 2020.
“We’ve seen incredible growth in our markets as homeowners embrace the simplicity and certainty of buying and selling through Opendoor,” said Eric Wu, CEO of Opendoor, in a news release. “As we enter our next phase of growth, we’re focused on continuing to transform the future of real estate, enabling anyone to buy, sell or trade-in a home with the click of a button.”
Opendoor’s mission is to empower everyone with the freedom to move. As an online real estate marketplace that radically simplifies home buying and selling, Opendoor has been used by nearly 20,000 customers.
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