The San Francisco-based company, led by CEO Eric Wu, competes with Zillow, Redfin and Offerpad in the fast-growing space of buying homes digitally.

To date, Opendoor has raised $1.3 billion from investors, including SoftBank, General Atlantic, Khosla Ventures, NEA and Norwest Venture Partners. It was most recently valued at $3.8 billion after raising $300 million in March 2019.

The venture-backed company is in advanced talks to go public through a merger with Social Capital Hedosophia Holdings Corp. II (IPOB), The deal would value Opendoor at $5 billion, and is set to be announced in the next few weeks.

Social Capital CEO is Chamath Palihapitiya the Chairman of Virgin Galactic.

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