Mainstay, a Comprehensive Market Intelligence Platform for the Single-Family Rental Industry, Launches as an Independent Company from Opendoor
August 01 2024 - 4:00PM
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.ioOpendoor: press@opendoor.com;
investors@opendoor.com
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