Opendoor, a San Francisco, Calif.-based service that allows homeowners to sell their home online, raised $20m in funding.
The round was led by GGV Capital with participation from prior investor Khosla Ventures and a group of angel investors. In conjunction with the funding, Glenn Solomon, a managing partner at GGV Capital, will join Opendoor’s board of directors.
The company, which has now raised $30m, intends to use the funds to expand into Portland, Ore. and Dallas, Texas.
Led by Eric Wu and Keith Rabois, Opendoor allows users to sell a home online quickly, removing all of the issues related to the transaction based on a home valuation model, which predicts the closing price of residential real estate.
Homeowners enter their address online, submit some basic information, and the service provides a real offer to buy their home within minutes. The entire transation then moves online and allows the homeowner to close and receive funding in somes days.