Opendoor is trying to reinvent the way you buy and sell real estate. And it seems SoftBank believes in the idea.
The SoftBank Vision Fund is investing $400 million into OpenDoor, bringing the real estate startup’s total funding to $1 billion, according to TechCrunch, which earlier reported the news. In addition to taking a minority stake in Opendoor, SoftBank Vision Fund Managing Director Jeff Housenbold will also take a seat on the board.
Opendoor is hoping to upend the residential real estate market with a new concept that makes it easier to buy and sell real estate. The company promises to make it easier for you to close the sale of your home in just a few days by buying your home and then reselling it for a profit. The concept is designed to help people sell their homes more quickly and for buyers to quickly find homes they want without ever needing to use a real estate agent.
For sellers, Opendoor promises to reduce the cost of selling and ultimately boost profit.
It’s unclear exactly what Opendoor will do with its cash, but the company has said that it’s investing in growth. It specifically wants to increase its investment in the buyer side of the business. Opendoor might also work on integrating mortgages and other financial services into its business, according to the report.