Technology

What Opendoor’s Uber-like funding round means for real estate

  • Opendoor's deployment of $320 million in equity funding and $400 million in debt will send shockwaves across the industry.

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Property-exchange platform Opendoor just bagged what is probably the largest funding round ever for a real estate tech startup, with a reported valuation of at least $1 billion only two years after launch. The startup is overhauling the traditional real estate business model in a fundamental way. It buys and sells homes itself, giving it unprecedented flexibility to improve speed, convenience and customer experience. Opendoor's deployment of $320 million in equity funding and $400 million in debt will send shockwaves across the industry, perhaps most by popularizing new technology and business practices. "If we can innovate in the space and have other people mimic or reproduce that innovation, that’s a huge win for the consumer and that’s what customers are going to demand," said Opendoor CEO Eric Wu. Here are 10 ways Opendoor could impact the industry in the next year or two. 1. Expansion Opendoor only operates in Phoenix, Dallas and Las Vegas but plans to e...