Photo: Opendoor

Opendoor, a San Francisco startup that buys and sells homes, has raised $325 million in new funding led by General Atlantic, Access Technology Ventures, and home-builder Lennar.

Bottom line: Opendoor says that it's on track to purchase more than $2.5 billion worth of homes this year — up from a $1.3 billion run rate last October. But it doesn't disclose data on homes sold, and Opendoor's ability to profitably offload is viewed as a major risk factor.

Co-founder and CEO Eric Wu tells Axios that the staggering amount of equity funding ($645 million up to date) is to fuel company growth, not purchase new homes, which it finances via debt.

The deal: General Atlantic, Access Technology Ventures and Lennar co-led the round, and were joined by fellow new investors Andreessen Horowitz, Coatue Management, 10100 Fund, and Invitation Homes. Return backers include Norwest Venture Partners, Lakestar, GGV Capital, NEA, and Khosla Ventures.

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2 hours ago - World

Macron visits Beirut promising a "new political pact" for Lebanon

Macron visits the hard-hit Gemmayzeh neighborhood. Photo: AFP via Getty Images

French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.

Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

2 hours ago - Sports

The PGA Championship is golf's first major in over a year

Photo: Gary Kellner/PGA of America via Getty Images

The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.

Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.

July's jobs report could be an inflection point for the coronavirus recovery

Illustration: Sarah Grillo/Axios

Even if Friday's jobs report shows a big number, it is becoming clear hiring slowed and likely even reversed course in July and real-time indicators suggest the employment situation worsened into August.

Driving the news: Payroll processor ADP's monthly jobs report showed private companies added 167,000 jobs last month, well below the 1.2 million expected by economists and far below June's 4.8 million jobs added.