Image Credit: Opendoor
Real estate technology firm Opendoor has filed to go public via a $4.8 billion merger with special purpose acquisition company (SPAC) Social Capital Hedosophia II, which is associated with investor Chamath Palihapitiya.
The real estate company, which lets homeowners quickly sell their homes to the company and in turn lists them on its own platform, utilizes data analysis to determine its pricing. The company also allows homeowners to list their properties directly through its platform for a fee. Using these business model Opendoor generated $4.7 billion in revenue 2019 through 18,000 home sales in 21 markets across the US.
Eric Wu, co-founder and CEO of Opendoor said, “This is one of many milestones towards our mission and will help us accelerate the path towards building the digital one-stop-shop to move. I am grateful for the continued support from my teammates and shareholders and most thankful for the tens of thousands – and I hope soon to be hundreds of thousands – of families, couples and individuals that trust Opendoor with the largest financial decision of their life.”
Now that the company is going public, let's meet some of the key players behind the scenes at Opendoor who have brought the company to this moment and will lead it to new heights.
Opendoor’s pricing models are a central element of its business plan because if the company overpays for a home, it could take a loss, and if it offers too little money a potential seller could rebuke the company and look to sell elsewhere. To ensure that its pricing model is just right Opendoor turns to Head of Pricing Operations Amit Arora and CTO Ian Wong who leads Opendoor’s team of engineers and data scientists.
Carrie Wheeler is the newest addition to the Opendoor’s executive team, stepping into her role as Chief Financial Officer earlier this month. Prior to working for Opendoor, Wheeler had served on the company’s board of directors and had been a partner at global private investment firm TPG Global. The timing of Wheeler’s entry into Opendoor’s c-suite will place her in the middle of the company’s transformation as it goes public.
Additionally, the company will lean on its Head of Legal Beth Stevens, who also serves as the Corporate Secretary. Stevens and her team will be pivotal in helping the young real estate company expand to new markets in which rules regarding property sales can differ. This team’s deep understanding of real estate laws and regulations will help guide the company’s growth and help it avoid costly legal issues as it grows its service in new states.
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