Industry NewsNews Brief

Open Listings raises $6.5M, plans for expansion

The online startup is making changes to facilitate growth

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Open Listings -- an online startup that offers on-demand showings, minimized agent interaction and 50 percent commission refunds to buyers in California and Washington -- has raised $6.5 million in Series A funding led by Matrix Partners. Initialized Capital and Arena ventures also participated as new investors in this round. This brings their total funding to $12.5 million. The startup launched in February 2015, with the promise: "Shop without an agent. We've got your back." What does Open Listings do? Open Listings provides current market analyses, compares for-sale listings, and will contact a listing agent on a buyer's behalf when they're ready to make an offer. Buyers can view properties from a personalized feed on their desktop or the company's app. From there, buyers can request that a local partner agent take them to private showings of homes they like. Once buyers have zeroed in on the home they'd like to purchase, they must provide a pre-approval letter or proof ...