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Opendoor is a real estate technology company that makes purchasing and selling homes simple and painless. Established by Eric Wu and Keith Rabois in 2014, Opendoor's aim was to streamline the real estate process for buyers and sellers alike - whether homeowners selling quickly without traditional listing agents, showings, negotiations, etc., or buyers buying instantly without bidding wars or lengthy closing processes.
Opendoor was born out of frustration with traditional real estate processes, which are often slow and cumbersome. Wu and Rabois observed that many homeowners desired quick home sales with minimal complexity involved, while many buyers wanted an easier purchase process. As such, technology was used to develop Opendoor into an alternative home purchasing and selling method.
Since 2014, Opendoor launched its inaugural market in Phoenix, Arizona, and has grown into over 40 markets nationwide. Opendoor has attracted over $1 billion in funding from investors such as SoftBank, General Atlantic, and Andreessen Horowitz; by 2021, they employed over 7,000 staffers.
Opendoor's success has revolutionized the traditional real estate industry, inspiring other companies to adopt similar business models. Opendoor's technology-driven approach has provided homebuyers and sellers with an easier home buying and selling experience; furthermore, with the rising gig economy and greater integration of tech into everyday life, demand for such services seems likely to only increase over time.
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