Real Estate Startup Opendoor In Talks To Go Public | PYMNTS.com

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Opendoor, a San Francisco-based startup that offers a one-stop-shop for buying and selling real estate, is negotiating to go public with a California blank-check company, Bloomberg reported.Opendoor is in advanced talks with Social Capital Hedosophia Holdings Corp. II, according to Bloomberg sources. The firm was founded last year to acquire businesses through mergers.Led by venture capitalist Chamath Palihapitiya, the founder and CEO of Social Capital II is seeking equity to fund the transaction with prospective investors, sources told Bloomberg.Opendoor and Social Capital II declined to comment to Bloomberg.If successful, the combined firm would be valued at $5 billion.Last year, Opendoor raised $300 million, giving it a valuation of $3.8 billion.That fundraising round 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.Like its competitors, Zillow Offers, Offerpad, RedfinNow, Knock and We Buy Ugly Houses, Opendoor promises to pay a fair price for a home in all cash. Sellers bypass working with an agent, finding a buyer, making repairs, open houses and negotiations. Opendoor said its fees range from 5 percent to 6 percent.But traditional real estate …

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