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Opendoor looks to raise another $200 million

CEO Eric Wu is looking to raise as an extension of the Series E round at a $3.7 billion valuation.

Opendoor Team Photo (Credit:Opendoor)

Opendoor is looking to raise an additional $200 million at a $3.7 billion valuation, according to TechCrunch.

How it works: Opendoor makes an offer to buy an owners house within 24 hours of an online submission. Although the seller gets less money by foregoing a traditional marketing process, the startup offers convenience and certainty. This comes on the heels of raising $400 million from Softbank in September.

Heard on the Street: Steve Eisman told Bloomberg: “Flipping distressed homes is a decent business in a good economy, but it’s a small business at best. Moreover, making offers at fair-market prices is a lot riskier than traditional home flipping… Why would a non-distressed seller sell their home to Zillow or Opendoor? There’s only two possibilities for that. Either, Zillow has mispriced the house, or there’s something wrong with the house.”

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