Opendoor raises $210 million in massive funding round

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Editor's note: Read our full story about what this funding round means for real estate. Opendoor has filled up its venture-funding piggy bank with another $210 million in funding, led by Norwest Venture Partners, with participation from NEA and existing investors Khosla Ventures and GGV Capital. The latest funding round handed the two-year-old startup a valuation of at least $1 billion, according to sources cited by Bloomberg, and brings its total funding to $320 million. Already doing business in Phoenix, Dallas and Las Vegas, the company plans to use the cash to expand to 10 more cities next year and wants to be operating in 30 in 2018, according to Forbes. Opendoor uses automated valuation models (AVMs) to make quick online offers on homes. Sellers who accept the offers can schedule transactions to close in as little as three days after an inspection. In exchange for this convenience, homeowners pay a service fee ranging anywhere from 6 percent to 12 percent. The...