Company Secures Funding Round Led by Khosla Ventures
SAN FRANCISCO, Aug. 01, 2024 (GLOBE NEWSWIRE) — Mainstay (“Company”), formerly Open Exchange, a comprehensive market intelligence and transaction platform for the single-family rental industry, today announced its launch as an independent, privately-held company, marking its separation from Opendoor Technologies Inc. (“Opendoor”) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions. Mainstay also announced an equity capital raise led by Khosla Ventures, with participation from Inspired Capital and others. The equity investment will be used to support the Company in its next phase of growth as a standalone company.
The mission of Mainstay is to be the most comprehensive market intelligence and transaction platform in the single-family rental industry—powering informed decision-making and unlocking opportunities for owners, operators, and residents. By aggregating and standardizing data from 50+ unique sources, Mainstay provides actionable insights to all market participants. In addition, Mainstay offers Mainstay Pro, purpose-built for owners and operators to buy, manage, and sell homes on a single platform.
This transaction will allow Mainstay to accelerate its growth, expand its product offerings focused on the single-family rental industry, and solidify its position as an independent entity. Mainstay will continue to be led by Dod Fraser and Nate Harbacek, along with a dedicated team hired to build the Company.
“We are incredibly proud to officially launch Mainstay together with our team and partners as an independent company,” said Dod Fraser. “Mainstay was founded with the goal of bringing clarity, innovation, and trust to the single-family residential rental industry by simplifying access to comprehensive market intelligence and powerful tools for all stakeholders, including investors, operators, residents, and researchers.”
“Mainstay’s offering improves access to information for residents and positions us as the partner of choice for institutional buyers and sellers operating in the single-family rental ecosystem,” said Nate Harbacek. “By providing localized analysis, tools, and reports, we empower our customers to understand and adapt to dynamic local markets. We are grateful for the support from Opendoor, our investors, our talented team, our customers, and all those who helped us reach this milestone today.”
“At Khosla Ventures, we invest early into companies that are bold and impactful like we did with Opendoor early on,” said David Weiden, managing partner at Khosla Ventures. “We are excited to partner with the founding team at Mainstay, who we have known for years, to continue to build out their platform for owners, operators and residents.”
“Mainstay was created with the goal of empowering single-family rental owners and residents in their decision-making,” said Carrie Wheeler, CEO of Opendoor. “Mainstay has an important future ahead in shaping single-family rental industry standards and practices, and we look forward to its future success as an independent company.”
Wachtell, Lipton, Rosen & Katz served as legal advisor on the transaction.
About Mainstay
Mainstay’s mission is to be the most comprehensive market intelligence platform in the single-family rental industry—powering informed decision-making and unlocking opportunities for owners, operators, and residents. Mainstay is the premier provider of actionable data and high-quality tools to empower renters with information, expand opportunities for market participants, and to bring clarity and trust to the single-family rental ecosystem. Founded within Opendoor, Mainstay launched as an independent company in 2024.
For more information, please visit https://mainstay.io.
About Opendoor
Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide.
For more information, please visit www.opendoor.com.
Contacts:
Mainstay: support@mainstay.io
Opendoor: press@opendoor.com; investors@opendoor.com
