Opendoor’s $325 million Series E financing

Cooley advised online real estate marketplace Opendoor on the closing of its $325 million Series E financing.

Opendoor, an online real estate marketplace that radically simplifies home buying and selling, closed its $325M Series E funding round. The round was co-led by General Atlantic, Access Technology Ventures, and Lennar Corporation (the leading homebuilder in the U.S.), with additional participation from new investors Andreessen Horowitz, Coatue Management, 10100 Fund, and Invitation Homes (a leading property owner of homes for lease in the U.S.). Existing investors Norwest Venture Partners, Lakestar, GGV Capital, NEA, and Khosla Ventures also participated in the round.

Since its founding in 2014, Opendoor has reinvented the traditional home buying and selling process to make it online, instant, and stress-free. For home sellers, customers can receive an online offer and sell with complete control and flexibility. For home buyers, customers can visit, shop, and purchase homes on-demand, 7-days a week.

The $325M Series E round brings the total equity raised by Opendoor to $645M. The company has also raised $1.5B in debt financing alongside the equity capital. In November 2016, Opendoor announced its $210M Series D round with Norwest Venture Partners, NEA, Khosla Ventures, Access Technology Ventures, Fifth Wall, Lakestar, Google Ventures, and GGV Capital.

Cooley advised with a team including Peter H. Werner (Picture), Jodie Bourdet, Rachel M. Burns, Tommy Szalasny, Tanisha A. James and Joshua Mates.

Involved fees earner: Peter Werner – Cooley LLP; Jodie Bourdet – Cooley LLP; Rachel Burns – Cooley LLP; Tommy Szalasny – Cooley LLP; Tanisha James – Cooley LLP; Joshua Mates – Cooley LLP;

Law Firms: Cooley LLP;

Clients: OpenDoor Labs Inc.;

Author: Ambrogio Visconti