Thursday, December 1, 2016

"Opendoor’s Home-Flipping Business Becomes the Latest Unicorn Startup"

From Bloomberg,
Silicon Valley's club of unicorn startups hasn't been growing as fast as it once was, and its newest member is unlike most of is venture-backed peers. Opendoor Labs Inc., a San Francisco startup that buys houses and then resells them, received a valuation of at least $1 billion after its latest funding round, said people familiar with the matter.

Opendoor said it raised $210 million, which it will use to fund expansion to 10 cities next year. The financing round was led by Norwest Venture Partners, with investments from New Enterprise Associates and others, OpenDoor said.

Opendoor buys and sells homes in the Dallas-Fort Worth area, Las Vegas and Phoenix, according to the company's website. The startup purchases houses with cash and then resells them at a higher price, sometimes after making minor repairs....MORE