Real estate startup company Open Door, raised $210 million in new financing led by Norwest Venture Partners, reported Tech Crunch.
Open Door is an online service that gives sellers a valuation and, if the valuation is accepted by the seller, buys the property directly. Basically, the company buys and owns its own inventory of homes then turns around and sells for a profit.
For buyers, OpenDoor allows for self-guided property tours at any time, made possible by smart locks and security cameras. If you buy a house from OpenDoor, you also receive a 180-point inspection, warranty and 30-day money-back guarantee.
Some observers have voiced concerns over the viability of Open Door’s business model in the event of a downturn in the housing market.