B2C digital. Cash hungry Opendoor, a four year-old, San Francisco-based company, has acquired Open Listings for an undisclosed sum. Opendoor closed on $325m in new funding in June in a round that brought its total equity funding to $645m to date — and its valuation to more than $2bn. The company has also raised $1.75bn in debt, and two sources tell us more funding from SoftBank is imminent. Open Listings is a four-year-old, LA-based startup that has aimed to make it easier and cheaper for buyers to purchase homes by automating much of what an agent would do, thus reducing the fee an agent would traditionally take. One of its stated goals has been to make home ownership more affordable for everyone by refunding 50% of their commission to the buyer at close.
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Opendoor real estate acquires Open Listings
