Opendoor Makes Big Moves to Go Public

We’ve touched on successes within the iBuyer sector and how that scheme was able to bounce back stronger than ever when experts were predicting the opposite would happen. More news on the matter has popped up, this time surrounding Opendoor and plans to go public in the near future. 

Opendoor has entered a strategic merger with a special purpose acquisition company (SPAC), Social Capital Hedosophia Holdings Corp. II. Through this merger, Opendoor will have an open door to going public.

There are whisperings around the sector that the SPAC is raising equity specifically for Opendoor’s possible IPO. The deal will value the combined company at around $5 billion.

Leading the round is venture capitalist Chamath Palihapitiya, the Founder, and CEO of Social Capital II. Participation in the fundraising included existing investor General Atlantic, Hawk Equity, the SoftBank Vision Fund, Access Technology Ventures, Lennar Corp., Fifth Wall Ventures, SV Angel, Norwest Venture Partners, NEA, GGV Capital, Khosla Ventures, and GV.

After coming back from a short suspension of its iBuyer service, Opendoor has also reopened in 21 markets since the summer months.