Opendoor, an online real estate startup that purchases and resells homes, has raised $210 million in Series D funding as it looks to expand the platform to 10 cities next year from two currently – Dallas-Fort Worth, TX, and Phoenix – and to 30 cities by 2018, according to Forbes.
The latest round of funding for the San Francisco-based company brings its total financing to $320 million after it raised $80 million a year ago.
The company currently purchases about $60 million worth of homes each month and has purchased and sold more than 4,000 houses to date, Fortune reported.
Opendoor buys its inventory in cash using a black-box pricing model and allows buyers to shop for homes online, using keycodes to access the properties for viewing.
The company’s reliance on the internet to source buyers and sellers reflects recent data suggesting that younger homebuyers are more likely than previous generations to use the internet to aid their search for a home, including finding an agent and exploring financing options, Zillow reported in a survey in October.
Technology startups across the construction sector are generating interest from investors due to demand for technology among buyers and on the job site.
Austin, TX-based startup Hangar Technology recently raised $6.5 million to provide drone technology for data collection and analytics. Meanwhile, Boston-based Pillar Technologies was recently named the winner of the Global Change the World for Profit competition at the Forbes Under 30 Summit for its work using onsite sensors to monitor projects for environmental and safety hazards such as fires, extreme humidity and mold. The company received $425,000.
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