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Report: Homebuying startup Opendoor looks to raise $200M

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Report: Homebuying startup Opendoor looks to raise $200M

Open Door Labs Inc. is looking to raise at least $200 million at a roughly $2 billion valuation, The Wall Street Journal reported, citing people familiar with the home-flipping company that does business as Opendoor.

The equity raise is intended to fund the expansion of its business into six U.S. metro areas where it seeks to purchase more homes and to aid its entry into new U.S. markets.

The sources told the publication that the company is close to entering the Charlotte, N.C., and San Antonio, Texas, markets and hopes to reach 20 markets by early 2019.

Opendoor acquired $1 billion of real estate in 2017 and has plans to acquire between $3 billion and $4 billion in 2018, the March 29 report noted, citing Executive Chairman Keith Rabois, who was speaking at a recent technology conference.

Bloomberg News reported in January that the tech startup received $135 million in funding from a group including Lennar Corp., which contributed $100 million in debt.

The company previously attracted investments from companies including Access Industries, Inc., Felicis Ventures, GGV Capital, Khosla Ventures, New Enterprise Associatesand Norwest Venture Partners.