Homebuilder Lennar pours $100 million into startup Opendoor

Opendoor, a startup that uses credit lines to purchase homes before flipping them, has raised a $35 million round led by VC firm Fifth Wall, along with $100 million in debt from home-building giant Lennar.

Why it matters: For Lennar, Opendoor represents a new channel through which to sell its homes. The two companies plan to expand a year-long test through which Lennar's customers are able to trade their homes for a new one.