Home-selling startup Opendoor today announced that it has raised $400 million from SoftBank’s Vision Fund, just over three months after raising a $325 million Series E round.
Founder and CEO Eric Wu told VentureBeat in a phone interview that discussions about SoftBank investing in Opendoor picked up around when the company was raising its Series E.
“Real estate is the biggest asset class in the U.S. and the biggest transaction in people’s lives, but its digital transformation is only beginning,” SoftBank partner Jeffrey Housenbold, who will be joining Opendoor’s board of directors, said in a press release.
With today’s announcement, Opendoor has now raised more than $1 billion in venture capital financing, as well as $2 billion in debt financing.
Other commercial and residential real estate companies that SoftBank has invested in include WeWork, Katerra, and Compass.
Founded in 2013, Opendoor is a platform that aims to make the process of buying and selling a home nearly instantaneous and done almost entirely online. Opendoor lessens the dependence on real estate agents by buying and selling homes itself.
Sellers can go to Opendoor’s website or app to list their house. Opendoor then bids on the house sight unseen, contingent upon an inspection to ensure the home is in the condition the homeowner said it was in. The company says homeowners pay an average fee of about 6.5 percent once the transaction is completed, typically within a few days.
Buyers can look for available homes on Opendoor’s website or app and can schedule viewings seven days a week, as they’re not at the beck and…